Texas Transportation Code 431.023 – Adoption of Resolution
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(a) A corporation may be created only if the commission adopts a resolution authorizing the creation of a corporation to act on behalf of the commission.
(b) A resolution must state that the commission:
(1) determines that creation of the corporation is advisable; and
(2) approves the articles of incorporation proposed to be used in organizing the corporation.
Terms Used In Texas Transportation Code 431.023
- 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 commission may designate the area of the state in which the corporation may act on behalf of the commission. The designated area may include the territory of more than one political subdivision of the state.
(d) The commission may authorize the creation of more than one corporation to act within the same designated area. The resolution authorizing each corporation must specify the public purpose of that corporation.