Texas Business Organizations Code 23.109 – Authority Regarding Loans
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(a) A grand body incorporated under this subchapter may:
(1) loan money held and owned by the grand body for charitable purposes, for the endowment of any of the institutions of the grand body, or otherwise; and
(2) secure loans by taking and receiving liens on real property or by another method elected by the grand body.
(b) On sale of real property secured by a lien, a grand body may become the purchaser of the real property and hold title to the property.
Terms Used In Texas Business Organizations Code 23.109
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.