Texas Utilities Code 181.003 – Authority to Borrow Money, Issue Stock, or Mortgage Property
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Terms Used In Texas Utilities Code 181.003
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
A gas or electric corporation has the right to:
(1) borrow money;
(2) issue stock, including preferred stock; or
(3) mortgage a franchise or other property of the corporation to secure a debt contracted for any purpose of the corporation.