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Tex. Bus. Orgs. Code § 153.555

PERMITTED TRANSFER IN CONNECTION WITH RACETRACK LICENSE

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

The following transfer relating to a limited partnership is not a prohibited transfer that violates Section 2025.107(a), Occupations Code:

(1) a transfer by a general partnership of its assets to a limited partnership, the corporate general partner of which is controlled by the partners of the general partnership; or

(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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.