Texas Education Code 53.352 – Limitation On Liability of Corporation
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Terms Used In Texas Education Code 53.352
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
A director, officer, or employee of the nonprofit corporation established by the Texas Public Finance Authority under Section 53.351 is not personally liable:
(1) for damage, loss, or injury resulting from the performance of the person‘s duties under Section 53.351; or
(2) on any commitment or agreement executed on behalf of the corporation under Section 53.351.