Texas Utilities Code 251.052 – Nonprofit Corporation
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Terms Used In Texas Utilities Code 251.052
- 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 corporation is a public nonprofit corporation and has all the powers and duties incident to a nonprofit corporation under the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes), except that the corporation:
(1) may not make donations for the public welfare or for charitable, scientific, or educational purposes or in aid of war activities;
(2) may not merge or consolidate with another corporation;
(3) is not subject to voluntary or involuntary dissolution; and
(4) may not be placed in receivership.