Texas Utilities Code 251.054 – Expenses and Liabilities of Corporation
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(a) All expenses of the corporation shall be paid from income of the corporation.
(b) A liability created by the corporation is not a debt of this state, and the corporation may not secure a liability with funds or assets of this state.
Terms Used In Texas Utilities Code 251.054
- 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.