Texas Government Code 2161.001 – Definitions
Terms Used In Texas Government Code 2161.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Effects: includes all personal property and all interest in that property. See Texas Government Code 312.011
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this chapter:
(1) “Goods” means supplies, materials, or equipment.
(2) “Historically underutilized business” means an entity with its principal place of business in this state that is:
(A) a corporation formed for the purpose of making a profit in which 51 percent or more of all classes of the shares of stock or other equitable securities are owned by one or more economically disadvantaged persons who have a proportionate interest and actively participate in the corporation’s control, operation, and management;
(B) a sole proprietorship created for the purpose of making a profit that is completely owned, operated, and controlled by an economically disadvantaged person;
(C) a partnership formed for the purpose of making a profit in which 51 percent or more of the assets and interest in the partnership are owned by one or more economically disadvantaged persons who have a proportionate interest and actively participate in the partnership’s control, operation, and management;
(D) a joint venture in which each entity in the venture is a historically underutilized business, as determined under another paragraph of this subdivision; or
(E) a supplier contract between a historically underutilized business as determined under another paragraph of this subdivision and a prime contractor under which the historically underutilized business is directly involved in the manufacture or distribution of the goods or otherwise warehouses and ships the goods.
(3) “Economically disadvantaged person” means a person who:
(A) is economically disadvantaged because of the person’s identification as a member of a certain group, including:
(i) Black Americans;
(ii) Hispanic Americans;
(iii) women;
(iv) Asian Pacific Americans;
(v) Native Americans; and
(vi) veterans as defined by 38 U.S.C. § 101(2) who have suffered at least a 20 percent service-connected disability as defined by 38 U.S.C. § 101(16); and
(B) has suffered the effects of discriminatory practices or other similar insidious circumstances over which the person has no control.
(4) “Contract” includes an arrangement under which a state agency receives professional or investment brokerage services.