S.B. No. 1442
(4) a reference to "business, " "property,"
"obligations," or "liabilities" means the "business associated
with the series," "property associated with the series,"
"obligations associated with the series," or "liabilities
associated with the series."
(c) After the occurrence of an event requiring winding up of
a series under Section 101.616, unless a revocation as provided by
Section 101.618 or a cancellation as provided by Section 101.619
occurs, the Winding up of the series must be carried out by:
(1) the governing authority of the series or one or
more persons, including a governing person, designated by:
(A) the governing authority of the series;
(B) the members associated with the series; or
(C) the company agreement; or
(2) a person appointed by the court to carry out the
winding up of the series under Section 11.054, 11.405, 11.409, or
(d) An action taken in accordance with this section does not
affect the limitation on liability of members and managers provided
by Section 101.606.
Sec. 101.618. REVOCATION OF VOLUNTARY WINDING UP. Before
the termination of the series takes effect, a voluntary decision to
wind up the series under Section 101.616(2) (C) or (D) may be revoked
(1) a majority vote of all of the members associated
with the series approving the revocation or, if there is more than
one class or group of members associated with the series, a majority
YILI__ ~l _~ _ ~~~ 1 _~ _ I
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 23, 2014.