Texas Transportation Code 431.107 – Income of Local Government Corporation
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(a) A local government creating a local government corporation is entitled at any time to receive any income earned by the local government corporation that is not needed to pay the corporation’s expenses or obligations.
(b) The earnings of a local government corporation may not benefit a private interest.
Terms Used In Texas Transportation Code 431.107
- 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.