Sec. 1043.113. NONPROFIT CORPORATION. (a) The district may become a member of a nonprofit corporation or enter into an agreement with a nonprofit corporation to serve the purposes of this chapter. Under an agreement with a nonprofit corporation, the district may require that:
(1) the nonprofit corporation grant the district the power to appoint one or more members of the corporation's board of directors;
(2) the nonprofit corporation obtain the district's consent before changing the corporation's articles of incorporation or bylaws or before taking other action; and
(3) the district receive all or part of the net assets of the nonprofit corporation on the corporation's dissolution, merger, or consolidation.
(b) The district is not liable for any debt, obligation, or other liability of the nonprofit corporation.
(c) This section does not affect the district's authority to make payments to or otherwise provide money to the nonprofit corporation.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Section: Previous 1043.106 1043.107 1043.108 1043.109 1043.110 1043.111 1043.112 1043.113 1043.114 1043.151 1043.152 1043.153 1043.154 1043.155 1043.156 NextLast modified: September 28, 2016