Texas Local Government Code 373B.003 – Nature of Trust
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Terms Used In Texas Local Government Code 373B.003
- 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.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A community land trust created or designated under Section 373B.002 must be a nonprofit organization that is:
(1) created to acquire and hold land for the benefit of developing and preserving long-term affordable housing in the municipality or county; and
(2) organized as:
(A) a nonprofit corporation that is exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, by being listed as an exempt organization under Section 501(c)(3) of that code;
(B) a limited partnership of which a nonprofit corporation described by Paragraph (A) controls 100 percent of the general partner interest; or
(C) a limited liability company for which a nonprofit corporation described by Paragraph (A) serves as the only member.