Texas Special District Local Laws Code 3918.0202 – Qualifications of Directors
Current as of: 2024 | Check for updates
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Terms Used In Texas Special District Local Laws Code 3918.0202
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
To be qualified to serve as a director, a person must be:
(1) an owner of property in the district;
(2) an owner of stock or a partnership or membership interest, whether beneficial or otherwise, of a corporate owner of an interest in property in the district;
(3) an owner of a beneficial interest in a trust, or a trustee in a trust, that directly or indirectly owns property in the district; or
(4) an agent, employee, or tenant of a person described by Subdivision (1), (2), or (3).