(a) Except as provided by Subsection (b) and the terms of a joint development and operating agreement, the board:(1) may dissolve the district; and(2) shall dissolve the district on receipt of a written petition requesting dissolution signed by the owners of 75 percent of the acreage of real property in the district.(b) The board may not dissolve the district until the district's outstanding indebtedness or contractual obligations have been repaid or discharged.(c) After the board dissolves the district, the board shall transfer ownership of all district property and assets to Henderson County. Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.03, eff. April 1, 2007.
Texas Legal Code