Sec. 431.023. ADOPTION OF RESOLUTION. (a) A corporation may be created only if the commission adopts a resolution authorizing the creation of a corporation to act on behalf of the commission.
(b) A resolution must state that the commission:
(1) determines that creation of the corporation is advisable; and
(2) approves the articles of incorporation proposed to be used in organizing the corporation.
(c) The commission may designate the area of the state in which the corporation may act on behalf of the commission. The designated area may include the territory of more than one political subdivision of the state.
(d) The commission may authorize the creation of more than one corporation to act within the same designated area. The resolution authorizing each corporation must specify the public purpose of that corporation.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 17.04, eff. Sept. 1, 1999.
Section: Previous 431.002 431.003 431.004 431.005 431.006 431.021 431.022 431.023 431.024 431.025 431.026 431.027 431.028 431.029 431.030 NextLast modified: September 28, 2016