Source: https://chowinslaw.com/resources/texas-business-laws/338-winding-up-and-terminating-limited-partnership-texas-business-organizations
Timestamp: 2019-04-23 04:09:27+00:00

Document:
§ 153.501. CANCELLATION OR REVOCATION OF EVENT REQUIRING WINDING UP; CONTINUATION OF BUSINESS.
(a) The limited partnership may cancel under § 11.152 an event requiring winding up arising from the expiration of its period of duration as specified in § 11.051(1) or from the occurrence of an event specified in its governing documents as specified in § 11.051(3) if, not later than the 90th day after the event, all remaining partners, or another group or percentage of partners as specified by the partnership agreement, agree in writing to continue the business of the limited partnership.
(d) To approve a revocation under § 11.151 by a limited partnership of a voluntary decision to wind up as specified in § 11.058(a), prior to filing the certificate of termination required by § 11.101, all remaining partners, or another group or percentage of partners as specified by the partnership agreement, must agree in writing to revoke the voluntary decision to wind up and continue the business of the limited partnership.
(2) a limited partner is admitted to the limited partnership in the manner provided by the partnership agreement, effective as of the date the event that caused the last remaining limited partner to cease to be a limited partner occurred.
§ 153.502. WINDING UP PROCEDURES.
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c) § 11.052(a)(2) shall not be applicable to a limited partnership.
§ 153.503. POWERS OF PERSON CONDUCTING WIND UP.
(a) After the occurrence of an event requiring winding up of a limited partnership and until the filing of a certificate of termination as provided by § 11.101, unless a written partnership agreement provides otherwise, a person winding up the limited partnership's business in the name of and on behalf of the limited partnership may take the actions specified in §§ 11.052 and 11.053.
(b) The acts described by Subsection (a) do not create a liability for a limited partner that did not exist before an action to wind up the business of the partnership was taken.
§ 153.504. DISPOSITION OF ASSETS.
(3) unless otherwise provided by the partnership agreement, to partners first for the return of their capital and second with respect to their partnership interests, in the proportions provided by §§ 153.208(a) and (b).
§ 153.505. APPROVAL OF REINSTATEMENT.
To approve a reinstatement of a limited partnership under § 11.202, all of the remaining partners, or another group or percentage of partners as specified by the partnership agreement, must agree in writing to reinstate and continue the business of the limited partnership.
(6) books and records of the accounts of the limited partnership.
(b) A limited partnership shall maintain its records in written form or in another form capable of being converted to written form in a reasonable time.
(c) A limited partnership shall keep in its registered office in this state and make available to a partner on reasonable request the street address of its principal office in the United States in which the records required by this § are maintained.
§ 153.552. EXAMINATION OF RECORDS AND INFORMATION.
(a) On written request stating a proper purpose, a partner or an assignee of a partnership interest may examine and copy, in person or through a representative, records required to be kept under § 153.551 and other information regarding the business, affairs, and financial condition of the limited partnership as is just and reasonable for the person to examine and copy.
(b) The records requested under Subsection (a) may be examined and copied at a reasonable time and at the partner's sole expense.
(2) any tax return described by § 153.551(a)(2).
(2) if there is no designation, a general partner at the partnership's principal office in the United States.
§ 153.5521. PENALTY FOR REFUSAL TO PERMIT EXAMINATION OF CERTAIN RECORDS.
(a) A limited partnership that refuses to allow a partner or assignee of a partnership interest to examine and copy, on written request that complies with § 153.552(a), records or other information described by that § is liable to the partner or assignee for any cost or expense, including attorney's fees, incurred in enforcing the partner's or assignee's rights under § 153.552. The liability imposed on a limited partnership under this subsection is in addition to any other damages or remedy afforded to the partner or assignee by law.
(2) was not acting in good faith or for a proper purpose in making the person's request for examination.
§ 153.553. EXECUTION OF FILINGS.
(a) Except as provided by Subsection (a-1), a filing instrument required by this code to be filed by a limited partnership with the secretary of state must be signed by at least one general partner.
(5) a certificate filed under Subchapter G, Chapter 10, must be signed by the person designated by the court.
(3) shall be retained with the partnership records under §§ 153.551 and 153.552.
(c) The execution of a certificate by a general partner or the execution of a written statement by a person under § 153.106(2) is an oath or affirmation, under a penalty of perjury, that, to the best of the executing party's knowledge and belief, the facts stated in the certificate or statement are true.
§ 153.554. EXECUTION, AMENDMENT, OR CANCELLATION BY JUDICIAL ORDER.
(a) If a person fails or refuses to execute or file a certificate as required by this chapter or Title 1 or to execute a partnership agreement, another person adversely affected by the failure or refusal may petition a court to direct the execution or filing of the certificate or the execution of the partnership agreement, as appropriate.
(b) If the court finds that the execution or filing of the certificate is proper and that a person required to execute or file the certificate has failed or refused to execute or file the certificate, the court shall order the secretary of state to record an appropriate certificate.
(c) The judicial remedy described by Subsection (b) is not a limit on the rights of a person to file a written statement under § 153.106(2).
(d) If the court finds that the partnership agreement should be executed and that a person required to execute the partnership agreement has failed or refused to execute the agreement, the court shall enter an order granting appropriate relief.
(e) If a court enters an order in favor of the adversely affected person requesting relief under this section, the court shall award to that person reasonable expenses, including reasonable attorney's fees.
§ 153.555. PERMITTED TRANSFER IN CONNECTION WITH RACETRACK LICENSE.
(2) a transfer by a limited partnership of the beneficial use of or interest in any of its rights, privileges, or assets to a local development corporation incorporated before January 31, 1993, under Subchapter D, Chapter 431, Transportation Code.

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