Texas Business Organizations Code 2.007 – Additional Prohibited Activities of For-Profit Corporation
Terms Used In Texas Business Organizations Code 2.007
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- cooperative association: means an association governed as a cooperative association under Chapter 251. See Texas Business Organizations Code 1.002
- 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.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- For-profit corporation: means a corporation governed as a for-profit corporation under Chapter 21. See Texas Business Organizations Code 1.002
- License: means a license, certificate of registration, or other legal authorization. See Texas Business Organizations Code 1.002
A for-profit corporation may not:
(1) operate a cooperative association, limited cooperative association, or labor union;
(2) transact a combination of the businesses of:
(A) raising cattle and owning land for the raising of cattle, other than operating and owning feedlots and feeding cattle; and
(B) operating stockyards and slaughtering, refrigerating, canning, curing, or packing meat;
(3) engage in a combination of:
(A) the petroleum oil producing business in this state; and
(B) the oil pipeline business in this state other than through stock ownership in a for-profit corporation engaged in the oil pipeline business and other than the ownership or operation of private pipelines in and about the corporation’s refineries, fields, or stations; or
(4) engage in a business or activity that may not be engaged in by a for-profit corporation without first obtaining a license under the laws of this state and a license to engage in that business or activity cannot lawfully be granted to the corporation.