Texas Special District Local Laws Code 3503.111 – Nonprofit Corporations
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(a) The authority may authorize by resolution the incorporation of a nonprofit corporation under the Business Organizations Code to exercise the powers granted to the authority. A corporation created under this section must be a nonmember, nonstock corporation.
(b) Each nonprofit corporation created under this section may:
(1) acquire and hold title to real property and improvements to that property; and
(2) collect and remit to the authority income, less expenses, from that real property and from improvements to that property.
Terms Used In Texas Special District Local Laws Code 3503.111
- 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
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) The board shall appoint the board of directors of each nonprofit corporation created under this section. A board member is not required to reside in the authority.
(d) A board member or employee of the authority may simultaneously serve as a member of the board of directors of a nonprofit corporation. A person serving as a board member of the authority and of a nonprofit corporation created by the authority may participate in all votes relating to the business of the authority or the corporation, regardless of any statutory prohibition.