Texas Government Code 2306.556 – Exempt From Taxation and Registration
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(a) The corporation is exempt from all taxation by the state or a political subdivision of the state, including a municipality.
(b) A bond or other obligation issued by the corporation is an exempt security under The Securities Act (Title 12, Government Code), and unless specifically provided otherwise, under any subsequently enacted securities act. Any contract, guaranty, or other document executed in connection with the issuance of the bond or other obligation is not an exempt security under that Act, and unless specifically provided otherwise, under any subsequently enacted securities act.
Terms Used In Texas Government Code 2306.556
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.