Sec. 101.621. WINDING UP BY COURT ORDER. A district court in the county in which the registered office or principal place of business in this state of a domestic limited liability company is located, on application by or for a member associated with the series, has jurisdiction to order the winding up and termination of a series if the court determines that:
(1) it is not reasonably practicable to carry on the business of the series in conformity with the company agreement;
(2) the economic purpose of the series is likely to be unreasonably frustrated; or
(3) another member associated with the series has engaged in conduct relating to the series' business that makes it not reasonably practicable to carry on the business with that member.
Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 658 (S.B. 1859), Sec. 11, eff. September 1, 2019.
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