Texas Business Organizations Code - Section 23.053. Purposes
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§ 23.053. PURPOSES. (a) A business development
corporation may be organized as a:
(1) for-profit corporation under Chapter 21; or
(2) nonprofit corporation under Chapter 22.
(b) The business development corporation must be organized
to:
(1) promote, stimulate, develop, and advance the
business prosperity and economic welfare of this state and the
residents of this state;
(2) encourage and assist, through loans, investments,
or other business transactions, new business and industry in this
state;
(3) rehabilitate and assist existing industry in this
state;
(4) stimulate and assist in the expansion of business
activity that will tend to promote the business development and
maintain the economic stability of this state, provide maximum
opportunities for employment, encourage thrift, and improve the
standard of living of the residents of this state;
(5) cooperate and act in conjunction with other public
or private organizations in the promotion and advancement of
industrial, commercial, agricultural, and recreational
developments in this state; or
(6) provide financing for the promotion, development,
and conduct of business activity in this state.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 22.408 22.409 23.001 23.002 23.003 23.051 23.052 23.053 23.054 23.055 23.056 23.057 23.058 23.059 23.060
Last modified: August 11, 2007
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