Tex. Local Gov't Code Section 501.156
Agreement Must Benefit Corporation


An agreement relating to a project must be for the benefit of the corporation.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.

Source: Section 501.156 — Agreement Must Benefit Corporation, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­501.­htm#501.­156 (accessed Jun. 5, 2024).

501.001
Short Title
501.002
Definitions
501.003
Who May Be User
501.004
Legislative Findings
501.005
Adoption of Alternate Procedure
501.006
Use of Corporation to Finance Project
501.007
Lending Credit or Granting Public Money
501.008
Limitation on Financial Obligation
501.009
Police Powers Not Affected
501.010
Delegation of Unit’s Sovereign Powers Prohibited
501.011
Reference to Articles of Incorporation or Certificate of Formation
501.051
Authority to Create
501.052
Nonmember, Nonstock Form of Corporation
501.053
Corporation Nonprofit
501.054
General Powers, Privileges, and Functions
501.055
Constituted Authority or Instrumentality
501.056
Contents of Certificate of Formation
501.057
Filing of Certificate of Formation and Delivery of Certificate Evidencing Filing
501.058
Effect of Issuance of Certificate Evidencing Filing
501.059
Corporate Seal
501.060
May Sue and Be Sued
501.061
Corporation’s Organization Not Restricted
501.062
Board of Directors
501.063
Organizational Meeting
501.064
Bylaws
501.065
Officers
501.066
Indemnification
501.067
Insurance and Benefits
501.068
Board Meetings
501.069
Waiver of Notice
501.070
Action of Board
501.071
Action Without Meeting
501.072
Open Meetings and Public Information
501.073
Supervision by Authorizing Unit
501.074
Purchasing
501.075
Exemption from Taxation
501.101
Projects Related to Creation or Retention of Primary Jobs
501.102
Projects Related to Certain Job Training
501.103
Certain Infrastructure Improvement Projects
501.104
Projects Related to Certain Military Bases or Missions
501.105
Career Center Projects Outside of Junior College District
501.106
Airport Facilities or Other Projects by Corporations Authorized by Certain Border Municipalities
501.107
Infrastructure Projects by Corporations Authorized by Municipalities in Certain Border Counties
501.151
Authority to Finance Project
501.152
Definition of Cost with Respect to Project
501.153
Lease or Sale of Project
501.154
Conveyance of Property to Institution of Higher Education
501.155
Loan to Finance Project
501.156
Agreement Must Benefit Corporation
501.157
Default on Agreement
501.158
Performance Agreements
501.159
Powers Concerning Projects
501.160
Owning or Operating Project as Business
501.161
Certain Economic Incentives Prohibited
501.162
Use of Tax Revenue for Job Training
501.163
Use of Tax Revenue for Job-related Skills Training by Certain Corporations
501.201
Authority to Issue Bonds
501.202
Terms
501.203
Securities Commissioner Permit to Sell Securities Required
501.204
Authorizing Unit’s Approval of Bonds
501.205
Bond Counsel and Financial Advisors
501.206
Money Used to Pay Bonds
501.207
Bonds Not Debt of State or Authorizing Unit
501.208
Bond Security
501.209
Trust Agreement
501.210
Financial Assurance or Responsibility Requirements for Certain Projects
501.211
Use of Bond Proceeds
501.212
Interim Bonds
501.213
Refunding Bonds
501.214
Sale or Exchange of Bonds
501.251
State Standards for Project Eligibility
501.252
State Standards and Guidelines for Lease, Sale, or Loan Agreements
501.253
Rules for Small Business Programs
501.254
Filing of Rules and Guidelines with Secretary of State
501.255
Approval of Lease, Sale, or Loan Agreement
501.256
Approval of Bonds by Economic Development Office
501.257
Filing of Fee Schedule and Bond Procedures
501.258
Delegation of Authority
501.301
Amendment by Board of Directors
501.302
Amendment by Unit
501.303
Amendment to County Alliance Corporation’s Certificate of Formation
501.304
Contents of Certificate of Amendment
501.305
Execution and Verification of Certificate of Amendment
501.306
Delivery and Filing of Certificate of Amendment
501.307
Suits or Rights Not Affected
501.308
Restated Certificate of Formation
501.309
Restatement Without Additional Amendment
501.310
Restatement with Additional Amendment
501.311
Change in Certain Information Not Amendment
501.312
Execution and Verification of Restated Certificate of Formation
501.313
Delivery and Filing of Restated Certificate of Formation
501.314
Effect of Issuance of Certificate Evidencing Filing of Restated Certificate of Formation
501.351
Registered Office and Agent
501.352
Change of Registered Office or Agent
501.353
Resignation of Registered Agent
501.354
Agents for Service
501.401
Alteration or Termination by Authorizing Unit
501.402
Termination of Corporation on Completion of Purpose
501.403
Execution of Certificate of Termination
501.404
Delivery and Filing of Certificate of Termination
501.405
Effect of Issuance of Certificate Evidencing Filing of Certificate of Termination
501.406
Assets on Termination
501.407
Termination with Transfer of Assets to Type a Corporation
501.451
Applicability
501.452
Projects Related to Hurricane Ike Disaster Area
501.453
Projects Not Administered by Economic Development Office

Accessed:
Jun. 5, 2024

§ 501.156’s source at texas​.gov