Sec. 152.056. TRANSFER OF RIVER AUTHORITY ASSETS TO CORPORATION. Notwithstanding any other law, the board of directors of a river authority may sell, lease, loan, or otherwise transfer some, all, or substantially all of the electric generation property of the river authority to a corporation created under Section 152.051. The property transfer must be made under terms approved by the board of directors of the river authority.
Added by Acts 1999, 76th Leg., ch. 1064, Sec. 26, eff. Sept. 1, 1999.
Structure Texas Statutes
Title 5 - Special Law Districts
Chapter 152 - River Authorities Engaged in Distribution and Sale of Electric Energy
Subchapter B. Nonprofit Corporation Acting on Behalf of River Authority
Section 152.051. Creation of Nonprofit Corporation
Section 152.052. Powers of Nonprofit Corporation
Section 152.053. Board of Directors
Section 152.054. Supervision by Board of Directors of River Authority
Section 152.055. Liability of Corporate Property for Taxes and Special Assessments
Section 152.056. Transfer of River Authority Assets to Corporation
Section 152.057. Application of Other Law to River Authority