Texas Business Organizations Code - Section 23.054. Powers
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§ 23.054. POWERS. (a) The powers of a corporation
include, in addition to the powers conferred on the corporation by
Chapters 2 and 21 or 22, as applicable, the power to:
(1) elect, appoint, and employ officers, agents, and
employees;
(2) make contracts and incur liabilities for a purpose
of the corporation;
(3) borrow money on a secured or unsecured basis to
carry out a purpose of the corporation;
(4) issue for the purpose of borrowing money a bond,
debenture, note, or other evidence of indebtedness, whether secured
or unsecured;
(5) secure an evidence of indebtedness by mortgage,
pledge, deed of trust, or other lien on a property, franchise,
right, or privilege of the corporation, or any part of or interest
in those items, without securing shareholder or member approval;
(6) make a secured or unsecured loan and establish and
regulate the terms and conditions of that loan and the charges for
interest or service connected with that loan;
(7) purchase, receive, hold, lease, or otherwise
acquire, and sell, convey, transfer, lease, or otherwise dispose
of, property and exercise those rights and privileges incidental
and appurtenant to the acquisition or disposal of the property and
to the use of the property, including any property acquired by the
corporation periodically in the satisfaction of a debt or
enforcement of an obligation;
(8) acquire improved or unimproved real property to
construct an industrial plant or other business establishment on
the property or dispose of the real property for the construction of
an industrial plant or other business establishment;
(9) acquire, construct or reconstruct, alter, repair,
maintain, operate, sell, convey, transfer, lease, or otherwise
dispose of an industrial plant or business establishment;
(10) protect the corporation's position as creditor by
acquiring the goodwill, business, rights, property, including a
share, bond, debenture, note, other evidence of indebtedness, other
asset, or any part of an asset or interest in an asset, of a person
to whom the corporation loaned money and assume, undertake, or pay
an obligation, debt, or liability of the person;
(11) mortgage, pledge, or otherwise encumber any
property, right, or thing of value, acquired under Subdivision (7),
(8), (9), or (10), as security for the payment of a part of the
purchase price;
(12) promote the establishment of local development
corporations in the various communities of this state, enter into
agreements with those local development corporations, and
cooperate with, assist, or otherwise encourage the local
foundations; and
(13) participate with a properly authorized federal
lending agency in the making of loans.
(b) A corporation may approve an application for a loan
under Subsection (a)(6) only if the applicant demonstrates that:
(1) the applicant applied for the loan through
ordinary banking channels; and
(2) the loan has been refused by at least two banks or
other financial institutions.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 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 23.061
Last modified: August 11, 2007
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