§11.301. Winding Up And Termination Of Domestic Entity — Involuntary Winding Up And Termination Of Filing Entity By Court Action

(5) public interest requires winding up and termination of the filing entity because:

(A) the filing entity has been convicted of a felony or a high managerial agent of the filing entity has been convicted of a felony committed in the conduct of the filing entity's affairs;
(B) the filing entity or high managerial agent has engaged in a persistent course of felonious conduct; and
(C) termination is necessary to prevent future felonious conduct of the same character.

http://www.statutes.legis.state.tx.us/Docs/BO/htm/BO.11.htm#11.301

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Note(s) Regarding This Legislation:

Prior Laws:  Vernon's Ann. Civ. St. arts. 1396-7.01, §§ A, F, G; 1528n, art. 8.12, § A. V.A.T.S. Bus. Corp.Act, art. 7.01, §§ A, F, G.
  

Prior language:
When a corporation is convicted of a felony, or when a high managerial agent is convicted of a felony in the conduct of the affairs of the corporation, the Attorney General may file an action to involuntarily dissolve the corporation in a district court of the county in which the registered office of the corporation is situated or in a district court of Travis County. The court may dissolve the corporation involuntarily if it is established that:

(1) The corporation, or a high managerial agent acting in behalf of the corporation, has engaged in a persistent course of felonious conduct; and
(2) To prevent future felonious conduct of the same character, the public interest requires such dissolution.