Texas Business Organizations Code 3.009 – Supplemental Provisions Required in Certificate of Formation of Nonprofit Corporation
Terms Used In Texas Business Organizations Code 3.009
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. 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
- Nonprofit corporation: means a corporation governed as a nonprofit corporation under Chapter 22. See Texas Business Organizations Code 1.002
In addition to the information required by § 3.005, the certificate of formation of a nonprofit corporation must include:
(1) if the nonprofit corporation is to have no members, a statement to that effect;
(2) if management of the nonprofit corporation‘s affairs is to be vested in the nonprofit corporation’s members, a statement to that effect;
(3) the number of directors constituting the initial board of directors and the names and addresses of those directors or, if the management of the nonprofit corporation is vested solely in the nonprofit corporation’s members, a statement to that effect; and
(4) if the nonprofit corporation is to be authorized on its winding up to distribute the nonprofit corporation’s assets in a manner other than as provided by § 22.304, a statement describing the manner of distribution.