Texas Local Government Code 504.102 – Contract With Other Private Corporation
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Terms Used In Texas Local Government Code 504.102
- Contract: A legal written agreement that becomes binding when signed.
- 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.
A Type A corporation may contract with another private corporation to:
(1) carry out an industrial development program or objective; or
(2) assist with the development or operation of an economic development program or objective consistent with the purposes and duties provided by this subtitle.