SUBCHAPTER H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST

Sec. 152.601.  REDEMPTION IF PARTNERSHIP NOT WOUND UP.  The partnership interest of a withdrawn partner automatically is redeemed by the partnership as of the date of withdrawal in accordance with this subchapter if:
(1)  the event of withdrawal occurs under Sections 152.501(b)(1)-(9) and an event requiring a winding up of partnership business does not occur before the 61st day after the date of the withdrawal;  or
(2)  the event of a withdrawal occurs under Section 152.501(b)(10).
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.