Texas Health and Safety Code 221.024 – Board
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(a) A development corporation‘s affairs are governed by a board of directors composed of at least three individuals appointed by the sponsoring entity’s governing body. Directors may be divided into classes.
(b) A director serves for a term of not more than six years. The terms of directors of different classes may be of different lengths.
Terms Used In Texas Health and Safety Code 221.024
- 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.
(c) A director holds office for the term to which the director is appointed and until a successor is appointed and has qualified.
(d) The sponsoring entity’s governing body may remove a director for cause or at any time without cause.
(e) A director serves without compensation but is entitled to reimbursement for actual expenses incurred in the performance of duties under this chapter.