Sec. 22.001. DEFINITIONS. In this chapter:
(1) "Board of directors" means the group of persons vested with the management of the affairs of the corporation, regardless of the name used to designate the group.
(2) "Bylaws" means the rules adopted to regulate or manage the corporation, regardless of the name used to designate the rules.
(3) "Corporation" or "domestic corporation" means a domestic nonprofit corporation subject to this chapter.
(4) "Foreign corporation" means a foreign nonprofit corporation.
(5) "Nonprofit corporation" means a corporation no part of the income of which is distributable to a member, director, or officer of the corporation, except as provided by Section 22.054.
(6) "Ordinary care" means the care that an ordinarily prudent person in a similar position would exercise under similar circumstances.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 121 (S.B. 1233), Sec. 1, eff. May 23, 2015.
Section: 22.001 22.002 22.051 22.052 22.053 22.054 22.055 22.056 22.0561 22.101 22.102 22.103 22.104 22.105 22.106 NextLast modified: September 28, 2016