Texas Transportation Code

§ 431.024 — FORM OF CORPORATION

TN § 431.024Title 6. ROADWAYS · Part I. TRANSPORTATION CORPORATIONS · Ch. 431. TEXAS TRANSPORTATION CORPORATION ACT · Art. B. CREATION AND OPERATION OF CORPORATION

Statute text

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(a)A corporation is a nonmember, nonstock corporation.

(b)A corporation is nonprofit, and its earnings may not benefit a private interest.

(c)A corporation may be created as a perpetual corporation.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.