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Texas Business Organizations Code - Section 22.054. Authorized Benefits And Distributions

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 22.054. Authorized Benefits And Distributions

§ 22.054. AUTHORIZED BENEFITS AND DISTRIBUTIONS.  A 
corporation may:      
		(1)  pay compensation in a reasonable amount to the 
members, directors, or officers of the corporation for services 
provided;
		(2)  confer benefits on the corporation's members in 
conformity with the corporation's purposes;  and
		(3)  make distributions to the corporation's members on 
winding up and termination to the extent authorized by this 
chapter.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007