Sec. 431.181. ALTERATION OR DISSOLUTION BY COMMISSION. (a) At any time the commission in its sole discretion may:
(1) alter the structure, organization, programs, or activities of a corporation; or
(2) dissolve a corporation.
(b) The authority of the commission under this section is limited only by:
(1) any law of this state prohibiting the impairment of a contract entered into by a corporation; and
(2) any provision of this subchapter relating to alteration or dissolution.
(c) The commission must make an alteration or dissolution under this section by a written resolution.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
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