Texas Business Organizations Code 22.223 – Not a Trustee
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Terms Used In Texas Business Organizations Code 22.223
- 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
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
- Donor: The person who makes a gift.
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
- Trustee: A person or institution holding and administering property in trust.
A director of a corporation is not considered to have the duties of a trustee of a trust with respect to the corporation or with respect to property held or administered by the corporation, including property subject to restrictions imposed by the donor or transferor of the property.