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Senate Bill 748 |
Senate Author: Carona |
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Effective: 9-1-11 |
House Sponsor: Giddings |
Senate Bill 748 amends the Business Organizations Code to make technical, clarifying, and conforming changes and to revise certain requirements relating to a merger, interest exchange, or conversion of a business organization and the winding up and termination of a domestic entity. The bill amends provisions relating to the operation of a for-profit corporation, nonprofit corporation, limited liability company, and general or limited partnership and to the management of a real estate investment trust and an unincorporated nonprofit association. The bill establishes conditions under which certain domestic and foreign entities are exempt from consideration as having failed to comply with or conform to certain Business Organizations Code provisions and provides for the reinstatement of a domestic or foreign filing entity that has been dissolved or otherwise discontinued.