Texas Water Code 152.052 – Powers of Nonprofit Corporation
(a) A corporation created under Section 152.051 may exercise any power of the creating river authority except a power relating to solid waste management activities or activities as an exempt wholesale generator, but including the authority to acquire, develop, operate, and sell fuel, fuel reserves, and mineral interests. In this subsection, “exempt wholesale generator” has the meaning assigned by Section 32(a), Public Utility Holding Company Act of 1935 (15 U.S.C. § 79z-5a(a)).
(b) When exercising a power under this chapter, a corporation created under Section 152.051 and the board of directors of the corporation have the same powers as the creating river authority and the authority’s board, including the power to issue bonds or other obligations or otherwise borrow money on behalf of the river authority to accomplish any purpose of the corporation.
Terms Used In Texas Water Code 152.052
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) With regard to the issuance of an obligation, the board of directors of a corporation created under Section 152.051 may exercise the powers granted to the governing body of:
(1) an issuer under Chapters 1201 and 1371, Government Code; and
(2) a public agency under Chapter 1204, Government Code.
(d) A corporation created under Section 152.051 and the creating river authority may:
(1) share officers, directors, employees, equipment, and facilities; and
(2) provide goods or services to each other at cost without the requirement of competitive bidding.