Texas Dissolution of Pooled Unit (By Unit Owners) is a legal process that allows owners of a pooled unit (typically in a condominium or cooperative setting) to dissolve the ownership arrangement and terminate the pooled unit structure. This type of dissolution can only take place if all unit owners agree to the termination and meet specific legal requirements as outlined under Texas law. The Texas Property Code provides guidelines for the dissolution of pooled units by unit owners, primarily under Section 82.158 of the code. According to this section, the termination of the pooled unit must be approved by all unit owners, and certain formalities must be followed to ensure a proper process. The dissolution may require majority or unanimous consent, depending on the specific provisions outlined in the governing documents of the pooled unit. During the dissolution process, unit owners must come together to discuss and agree upon various aspects, such as the distribution of common property, the allocation of any existing liabilities or debts, and the final settlement of ownership interests. Additionally, the documentation related to the pooled unit termination, including any necessary amendments to the governing documents, must be prepared and filed with the appropriate authorities in compliance with Texas law. It is crucial for property owners in Texas to understand that there may be different types or variations of dissolution of pooled units by unit owners, depending on the specific circumstances and governing documents of the pooled unit association. These variations may include situations where pooled unit owners decide to dissolve the structure voluntarily versus situations where dissolution is triggered by certain predefined events, such as noncompliance with specific requirements or expiration of a predetermined term. In Texas, some common types of dissolution of pooled unit (by unit owners) include: 1. Voluntary Dissolution: This occurs when all unit owners unanimously agree to terminate the pooled unit structure voluntarily. It typically involves a cooperative decision-making process and coordination among the owners to divide the assets, settle debts, and wind down the affairs of the pooled unit. 2. Dissolution Triggered by Events: In certain instances, the governing documents of a pooled unit association may include provisions that trigger dissolution if certain events or conditions occur. These events can include, but are not limited to, the failure to maintain financial solvency, substantial noncompliance with association regulations, or the expiration of a predetermined term. 3. Dissolution and Conversion: In some cases, the dissolution of a pooled unit may be accompanied by a conversion of the property into another form of ownership, such as individual ownership units or a different type of property structure. This process involves not only terminating the pooled unit but also transforming it into a different legal entity or structure. It is essential for unit owners contemplating the dissolution of a pooled unit in Texas to consult with legal professionals experienced in real estate and property law. These professionals can provide clear guidance on the specific requirements, steps, and potential challenges associated with the dissolution process, ensuring compliance with all relevant laws and governing documents.
Texas Dissolution of Pooled Unit (By Unit Owners)
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(1) No well for oil, gas, or geothermal resource shall hereafter be drilled nearer than 1,200 feet to any well completed in or drilling to the same horizon on the same tract or farm, and no well shall be drilled nearer than 467 feet to any property line, lease line, or subdivision line; provided the commission, in ...
The Mineral Interest Pooling Act of 1965 - An Overview Allowed the RRC to compel pooling for separately owned tracts in the same field reservoir. Required a qualified owner to apply for MIPA. Prevented unnecessary well drilling and waste and protected correlative rights.
Under Statewide Rule 38, the drilling unit size for wells subject to state- wide rules is 40 acres, though special field rules may set different density requirements.
Statewide Rule 32 allows an operator to flare gas while drilling a well and for up to 10 days after a well's completion to conduct potential well testing. Statewide Rule 32 also allows an operator to request an exception to flare gas in certain circumstances.
Statewide Rule 46 governs fluid injection into reservoirs productive of oil, gas, or geothermal resources. Application for a permit is on Railroad Commission Forms H-1 and H-1A.
?Units pooled for oil hereunder shall not substantially exceed 40 acres each in area, and units pooled for gas hereunder shall not substantially exceed in area 640 acres each plus a tolerance of 10% thereof.?
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
Rule 36 is designed for the protection of the general public from the hazards of hydrogen sulfide gas in oil and gas operations and does not pertain to industrial safety as such.