(a) A board may apply for and receive a charter as a private, nonprofit corporation under the laws of this state and may choose to be recognized as a Section 501(c)(3) organization under the Internal Revenue Code of 1986 (26 U.S.C. § 501(c)(3)).
(b) In addition to receiving funds specified in this chapter, a board may solicit additional funds from other public and private sources.

Terms Used In Texas Government Code 2308.266

  • 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) A board may not solicit or accept money from an entity with which the board contracts for the delivery of services.

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