Texas Transportation Code 431.028 – Board
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(a) A corporation must have a board in which the powers of the corporation reside.
(b) The board consists of three or more directors.
Terms Used In Texas Transportation Code 431.028
- 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) The commission shall appoint each director for a term that may not exceed six years.
(d) The commission may remove a director for or without cause.
(e) A director serves without compensation but is entitled to reimbursement from the corporation for expenses incurred in the performance of the director’s duties.