Texas Business Organizations Code 23.001 – Determination of Applicable Law
(a) A corporation created under this chapter or under a special statute outside this code, to the extent not inconsistent with a special statute regarding a particular corporation, is governed by:
(1) Title 1 and Chapter 21, if the corporation is organized for profit; and
(2) Title 1 and Chapter 22, if the corporation is organized not for profit.
(b) If a special statute does not contain any provision regarding a matter provided for in Title 1 or Chapter 21 or 22, or if the special statute specifically provides that the general laws for corporations supplement the statute, to the extent consistent with the special statute:
(1) Title 1 and Chapter 21 apply to a corporation organized for profit; and
(2) Title 1 and Chapter 22 apply to a corporation organized not for profit.
Terms Used In Texas Business Organizations Code 23.001
- 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.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- Statute: A law passed by a legislature.