Tex.
Bus. Orgs. Code Section 22.001
Definitions
(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.(3-a)
“Director” means a person who is a member of the board of directors, regardless of the name or title used to designate the person. The term does not include a person designated as a director of the corporation, or as an ex officio, honorary, or other type of director of the corporation if the person is not entitled to vote as a director.(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 (Authorized Benefits and Distributions).(6)
“Ordinary care” means the care that an ordinarily prudent person in a similar position would exercise under similar circumstances.
Source:
Section 22.001 — Definitions, https://statutes.capitol.texas.gov/Docs/BO/htm/BO.22.htm#22.001 (accessed Jun. 5, 2024).
