(a) The board of directors of the corporation may delegate to a member of the board or to an employee of the corporation the authority to enter into a contract to issue bonds or other obligations for the corporation.
(b) The person to whom contract authority is delegated under this section shall report to the board as frequently as considered necessary by the board all of the person’s activities relating to the issuance of bonds or other obligations.

Terms Used In Texas Government Code 2306.5551

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
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