(a) The existence of the Texas State Affordable Housing Corporation, or any similarly named corporation, begins on the date that the secretary of state issues the certificate of incorporation.
(b) The charter of the corporation must establish the corporation as nonprofit and specifically dedicate the corporation’s activities to the public purpose authorized by this subchapter.

Terms Used In Texas Government Code 2306.552

  • 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 creation of the corporation does not limit or impair the rights, powers, and duties of the department under this chapter.

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