Sec. 1121.114. 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.
(b) A corporation created under this section may use money contributed by the district only for a district purpose, including the provision of 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.
Added by Acts 2015, 84th Leg., R.S., Ch. 141 (S.B. 2034), Sec. 1, eff. May 28, 2015.
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