Texas Business Organizations Code 23.108 – Authority Regarding Property
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(a) A grand body or subordinate body may acquire and hold property as necessary or convenient for a site on which to erect a building for the use and occupancy of the body and to erect homes and schools for members’ widows or orphans or elderly, disabled, or indigent members and may sell or mortgage the property.
(b) A conveyance must be executed by the presiding officer and attested to by the secretary with the seal.
Terms Used In Texas Business Organizations Code 23.108
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
- Secretary: means the:
(A) individual designated as secretary of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002
(c) The authority of a subordinate body to sell or to mortgage property is subject to the conditions periodically prescribed or established by the grand body to which the subordinate is attached.