Texas Business Organizations Code 2.102 – Additional Powers of Nonprofit Entity or Institution
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Terms Used In Texas Business Organizations Code 2.102
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
To effect its purposes, a domestic nonprofit entity or institution formed for a religious, charitable, educational, or eleemosynary purpose may acquire, own, hold, mortgage, and dispose of and invest its funds in property for the use and benefit of, under the discretion of, and in trust for a convention, conference, or association organized under the laws of this state or another state with which it is affiliated or by which it is controlled.