81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 11 of 64
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S.B. No. 1442
1 (D) taking an action necessary to preserve and
2 protect the interest of the mortgagee in the security; or
3 (E) engaging in any combination of transactions
4 described by this subdivision;
5 (13) investing in or acquiring, in a transaction
6 outside of this state, a royalty or other nonoperating mineral
7 interest; ([e]
8 (14) executing [th: )wmuti oee -l a division order,
9 contract of sale, or other instrument incidental to ownership of a
10 nonoperating mineral interest; or
11 (15) owning, without more, real or personal property
12 in this state.
13 SECTION 15. Subchapter C, Chapter 10, Business
14 Organizations Code, is amended by adding Section 10.1025 to read as
16 Sec. 10.1025. CONVERSION AND: CONTINUANCE. (a) A
17 converting entity may elect to continue its existence in its
18 current organizational form and jurisdiction of formation in
19 connection with the entity's:
20 (1) conversion under Section 10.101 as a domestic
21 entity of one organizational form into a non-United States entity
22 of the same organizational form; or
23 ! (2) conversion under Section 10.102 as a non-United
24 States entity of one organizational form into a domestic entity of
25 the same rganizational form.
26 (b) The election permitted by Subsection (a) for the
27 converting entity to continue its existence in its current
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/11/: accessed January 16, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.