Texas Education Code 43.052 – Creation of Corporation
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(a) The State Board of Education may incorporate the Texas Permanent School Fund Corporation and delegate to the corporation the board’s authority to manage and invest:
(1) the permanent school fund under § 43.003; and
(2) the charter district bond guarantee reserve fund under § 45.0571.
(b) The State Board of Education shall adopt the initial articles of incorporation for the corporation.
Terms Used In Texas Education Code 43.052
- 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) The corporation is a special-purpose governmental corporation and instrumentality of the state with necessary and implied powers to accomplish its purpose. The corporation is subject to regulation and limitation only as provided by this subchapter.