Texas Special District Local Laws Code - Section 1004.114. Nonprofit Corporation
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§ 1004.114. NONPROFIT CORPORATION. (a) The district may
create and sponsor a nonprofit corporation under the Business
Organizations Code and may contribute money to or solicit money for
the corporation.
(a-1) On or before December 31, 2009, the district may
create and sponsor a nonprofit corporation under the Texas
Non-Profit Corporation Act (Article 1396-1.01, et seq., Vernon's
Texas Civil Statutes) or the Business Organizations Code, as
applicable, and may contribute money to or solicit money for the
corporation.
(b) A corporation created under this section may use money
contributed by the district only to provide health care or other
services the district is authorized to provide under this chapter.
(c) The corporation may invest the corporation's money in
any manner in which the district may invest the district's money,
including investing money as authorized by Chapter 2256, Government
Code.
(d) The board shall establish controls to ensure that the
corporation uses its money as required by this section.
(e) This subsection and Subsection (a-1) expire December
31, 2009.
Added by Acts 2005, 79th Leg., ch. 729, § 1.01, eff. April 1,
2007.
Section: 1004.107 1004.108 1004.109 1004.110 1004.111 1004.112 1004.113 1004.114 1004.115 1004.116 1004.151 1004.152 1004.153 1004.154 1004.155
Last modified: August 10, 2007
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