(a) A corporation may be formed and chartered under this chapter, Title 32, Revised Statutes, the Texas Business Corporation Act, or the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes) for the purposes provided by Section 341.002.
(b) The corporation:
(1) is subject to regulation by the commission in regard to the powers and provisions of this chapter;
(2) may contract to convey to an individual or another corporation an easement for the use of its structure;
(3) may impose a reasonable toll for the use of the structure; and
(4) may not discriminate in the time for handling or in the amount charged for a toll.

Terms Used In Texas Transportation Code 341.003

  • 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.
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