Texas Transportation Code 431.104 – Assumption of Powers and Duties
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(a) The governing body of a local government may assume for the local government the powers and duties of a local government corporation created by the local government.
(b) A local government that assumes the powers and duties of a local government corporation assumes the assets and liabilities of the corporation.
Terms Used In Texas Transportation Code 431.104
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) The powers and duties of a local government corporation created by more than one local government may be assumed only if each local government that created the corporation agrees to the assumption.