Texas Local Government Code 303.045 – Alteration of Corporation or Activities
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Terms Used In Texas Local Government Code 303.045
- 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 sponsor of a corporation, in its sole discretion, may alter the corporation’s structure, organization, programs, or activities, consistent with the other provisions of this chapter and subject to limitations provided by law relating to the impairment of contracts entered into by the corporation.