Texas Local Government Code 501.056 – Contents of Certificate of Formation
Terms Used In Texas Local Government Code 501.056
- 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.
The certificate of formation of a corporation must state:
(1) the name of the corporation;
(2) that the corporation is a nonprofit corporation;
(3) the duration of the corporation, which may be perpetual;
(4) the specific purpose for which the corporation is organized and may issue bonds on behalf of the unit;
(5) that the corporation has no members and is a nonstock corporation;
(6) any provision consistent with law for the regulation of the corporation’s internal affairs, including any provision required or permitted by this subtitle to be stated in the bylaws;
(7) the street address of the corporation’s initial registered office and the name of the corporation’s initial registered agent at that address;
(8) the number of directors of the initial board of directors and the name and address of each initial director;
(9) the name and street address of each organizer; and
(10) that the unit has:
(A) by resolution specifically authorized the corporation to act on the unit’s behalf to further the public purpose stated in the resolution and the certificate of formation; and
(B) approved the certificate of formation.