Texas Transportation Code 431.024 – Form of Corporation
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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.
Terms Used In Texas Transportation Code 431.024
- 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.
(c) A corporation may be created as a perpetual corporation.