Texas Transportation Code 431.025 – Articles of Incorporation
Terms Used In Texas Transportation Code 431.025
- 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 articles of incorporation must state:
(1) the name of the corporation;
(2) that the corporation is a nonprofit corporation;
(3) the duration of the corporation;
(4) the specific purpose for which the corporation is organized on behalf of the commission;
(5) that the corporation does not have any members and is a nonstock corporation;
(6) the street address of the corporation’s initial registered office and the name of its initial registered agent at that address;
(7) the number of directors of the initial board and the name and address of each director;
(8) the name and street address of each incorporator;
(9) any provision for the regulation of the internal affairs of the corporation, including any provision required or permitted by this chapter to be in the bylaws; and
(10) that the commission has:
(A) by resolution specifically authorized the corporation to act on its behalf to further the public purpose stated in the resolution and in the articles of incorporation; and
(B) approved the articles of incorporation.