Texas Business Organizations Code 21.951 – Law Applicable to Public Benefit Corporations; Formation
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(a) A for-profit corporation may elect under § 3.007(e) to be a public benefit corporation that is governed by this subchapter.
(b) If a corporation elects to be a public benefit corporation, the corporation is subject to the other provisions of this chapter and other provisions of this code applicable to for-profit corporations.
Terms Used In Texas Business Organizations Code 21.951
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
(c) To the extent of a conflict between this subchapter and another provision of this chapter or another provision of this code applicable to for-profit corporations, this subchapter controls.