Texas Government Code 4005.015 – Nonprofits
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Government Code 4005.015
- 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.
The exemption provided by § 4005.001 applies to the disposition of a security or membership:
(1) issued by a corporation or association:
(A) that is organized exclusively for a religious, educational, benevolent, fraternal, charitable, or reformatory purpose;
(B) that is not organized for pecuniary profit; and
(C) for which no part of the net earnings inures to the benefit of any stockholder, shareholder, or individual member of the corporation or association; and
(2) for which no commission or remuneration is paid or given or is to be paid or given.