Special District Local Laws Code § 3503.112

The authority may create nonprofit corporations, and later an LLC, by resolution; the board appoints directors; certain people may serve in both roles and vote; the entity may not use eminent domain and must follow Chapters 551 and 552.

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Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
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board governance corporate formation eminent domain open meetings/public information

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Provisions of Special District Local Laws Code § 3503.112

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3503.112
Special District Local Laws Code § 3503.112
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AI-assisted research summary: The authority may create nonprofit corporations, and later an LLC, by resolution; the board appoints directors; certain people may serve in both roles and vote; the entity may not use eminent domain and must follow Chapters 551 and 552.

Sec. 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 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 and 552, Government Code. Added by Acts 2017, 85th Leg., R.S., Ch. 993 (H.B. 967), Sec. 2, eff. September 1, 2017. Amended by: Acts 2023, 88th Leg., R.S., Ch. 112 (S.B. 1187), Sec. 2, eff. May 23, 2023.

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Special District Local Laws Code § 3503.112

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