Texas Transportation Code 22.156 – Applicable Laws
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Terms Used In Texas Transportation Code 22.156
- 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.
The corporation has the powers granted by this chapter, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes), and all other laws applicable to nonprofit corporations. The internal affairs of the corporation are governed by, the purposes and powers of the corporation are fulfilled and exercised in accordance with, and the corporation is subject to, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes), except as otherwise provided by this chapter.