Texas Business Organizations Code - Section 2.106. Power Of Nonprofit Corporation To Serve As Trustee
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§ 2.106. POWER OF NONPROFIT CORPORATION TO SERVE AS
TRUSTEE. (a) A nonprofit corporation that is described by Section
501(c)(3) or 170(c), Internal Revenue Code, or a corresponding
provision of a subsequent federal tax law, or a nonprofit
corporation listed by the Internal Revenue Service in the
Cumulative List of Organizations Described in Section 170(c) of the
Internal Revenue Code of 1986, I.R.S. Publication 78, or any
successor I.R.S. publication, may serve as the trustee of a trust:
(1) of which the nonprofit corporation is a
beneficiary; or
(2) benefiting another organization described by one
of those sections of the Internal Revenue Code, or a corresponding
provision of a subsequent federal tax law, or listed by the Internal
Revenue Service in the Cumulative List of Organizations Described
in Section 170(c) of the Internal Revenue Code of 1986, I.R.S.
Publication 78, or any successor I.R.S. publication.
(b) Any corporation (or person or entity assisting such
corporation) described in this section shall have immunity from
suit (including both a defense to liability and the right not to
bear the cost, burden, and risk of discovery and trial) as to any
claim alleging that the corporation's role as trustee of a trust
described in this section constitutes engaging in the trust
business in a manner requiring a state charter as defined in Section
181.002(a)(9), Finance Code. An interlocutory appeal may be taken
if a court denies or otherwise fails to grant a motion for summary
judgment that is based on an assertion of the immunity provided in
this subsection.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 2.011 2.012 2.101 2.102 2.103 2.104 2.105 2.106 2.107 2.108 2.109 2.110 2.111 2.112 2.113
Last modified: August 11, 2007
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