Tex. Local Gov't Code Section 337.015
Limitation on Corporate Purposes


(a)

A municipality or county that creates a corporation may limit the corporation’s purposes in the proceedings directing the creation of the corporation by prohibiting the corporation from financing particular types of cultural facilities, including a cultural facility to be used for a purpose specified in the proceedings.

(b)

As a condition of providing financing, a corporation may restrict a person receiving financing from using a cultural facility for a particular purpose.

(c)

A restriction imposed by a municipality or county on a corporation may be enforced by the governing body of the sponsoring entity by injunction or mandamus.

(d)

A violation of a restriction by a corporation may not impair the validity of an obligation incurred by the corporation.
Added by Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 20.004(a), eff. September 1, 2017.

Source: Section 337.015 — Limitation on Corporate Purposes, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­337.­htm#337.­015 (accessed Jun. 5, 2024).

Accessed:
Jun. 5, 2024

§ 337.015’s source at texas​.gov