Texas Local Government Code 501.062 – Board of Directors
Current as of: 2024 | Check for updates
|
Other versions
(a) All of the powers of a corporation are vested in a board of directors consisting of three or more directors appointed by the governing body of the corporation’s authorizing unit.
(b) A director serves for a term of not more than six years.
Terms Used In Texas Local Government Code 501.062
- 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 governing body of the corporation’s authorizing unit may remove a director for cause or at will.
(d) A director serves without compensation, but is entitled to reimbursement for actual expenses incurred in the performance of the director’s duties under this subtitle.