Tex.
Spec. Dist. Local Laws Code Section 3503.112
Nonprofit Corporations and Limited Liability Companies
(a)
The authority may authorize by resolution the creation of a nonprofit corporation under the Business Organizations Code to undertake on behalf of the authority a project described by Section 3503.003 (Purposes of Authority) or carry out any other purpose described by that section on the authority’s behalf.(a-1)
After the creation of a nonprofit corporation under Subsection (a), the authority may authorize by resolution:(1)
the creation of a limited liability company under the Business Organizations Code for the purposes described by Subsection (a); and(2)
the designation of the nonprofit corporation described by Subsection (a) to participate as a member of the company.(b)
The board shall appoint the board of directors of each nonprofit corporation or limited liability company created under this section. A board member is not required to reside in the authority.(c)
A board member or employee of the authority may simultaneously serve as a member of the board of directors of a nonprofit corporation or limited liability company created under this section. A person serving as a board member of the authority and of a nonprofit corporation or limited liability company created under this section may participate in all votes relating to the business of the authority, corporation, or company.(d)
A nonprofit corporation or limited liability company created under this section may not exercise the power of eminent domain.(e)
A nonprofit corporation or limited liability company created under this section is subject to Chapters 551 (Open Meetings) and 552 (Public Information), Government Code.
Source:
Section 3503.112 — Nonprofit Corporations and Limited Liability Companies, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3503.htm#3503.112 (accessed Apr. 29, 2024).
