The title to all funds and other property owned by a corporation when it dissolves automatically vests in the corporation's sponsor without further conveyance, transfer, or other act.
Tex. Loc. Gov't Code § 303.105
VESTING PROPERTY IN SPONSORING ENTITY
Known as the Public Facility Corporation Act
The act spans §§ 303.001 to 303.124 (56 sections).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.