S.B. No. 1442
1 Except to the extent otherwise provided in the company agreement
2 and subject to Sections 101.617, 101.618, 101.619, and 101.620, a
3 series and its business and affairs may be wound up and terminated
4 without causing the winding up of the limited liability company.
5 Sec. 101.615. TERMINATION O SIERIES. (a) Except as
6 otherwise provided by Sections 101.617, 101.618, 101.619, and
7 101.620, the series terminates on the completion of the winding up
8 of the business and affairs of the series in accordance with
9 Sections 101.617, 101.618, 101.619. and 101.620.
10 (b) The limited liability company shall provide notice of
11 the termination of a series in the manner provided in the company
12 agreement for notice of termination, xf any.
13 (c) The termination of the series does not affect the
14 limitation on liabilities of the series provided by Section
16 Sec. 101.616. EVENT REQUIRING WINDING UP. Subject to
17 Sections 101.617, 101.618, 101.619r and 101.620, the business and
18 affairs of a series are required to be woundup:
19 (1) if the winding up of the limited liability company
20 is required under Section 101.552(a) or Chapter 11; or
21 (2) on the earlier of:
22 (A) the time specified for winding up the series
23 in the company agreement;
24 (B) the occurrence of an event specified with
25 respect to the series in the company agreement;
26 (C) the occurrence of a majority vote of all of
27 the members associated with the series approving the winding up of
Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84. [Austin, Texas]. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth310916/. Accessed July 10, 2014.