Texas Local Government Code 506.151 – Distribution of Net Earnings
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Terms Used In Texas Local Government Code 506.151
- 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.
If the board of directors of a county alliance corporation determines that sufficient provisions have been made to pay the corporation’s expenses, bonds, and other obligations, any net earnings may be distributed among the counties in the county alliance as a percentage of the per capita contributions made by each of the counties during the corporation’s existence.