Texas Education Code 43.059 – Applicability of Certain Laws
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(a) Except as otherwise provided by and to the extent consistent with this subchapter, Title 1, Business Organizations Code, and Chapter 22, Business Organizations Code, apply to the corporation.
(b) Subject to § 43.060, the corporation is a governmental body for purposes of Chapter 551, Government Code.
Terms Used In Texas Education Code 43.059
- 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.
- Fiduciary: A trustee, executor, or administrator.
(c) The corporation is exempt from:
(1) Chapters 654 and 660, Government Code, and Subchapter K, Chapter 659, Government Code, to the extent the board of directors determines that an exemption from those provisions is necessary for the corporation to perform the board’s fiduciary duties under this subchapter;
(2) all state laws regulating or limiting purchasing by state agencies, including Subtitle D, Title 10, Government Code, and Chapters 2254, 2261, and 2262, Government Code;
(3) the franchise tax under Chapter 171, Tax Code; and
(4) any filing costs or other fees imposed by the state on a corporation.