Sec. 181.003. AUTHORITY TO BORROW MONEY, ISSUE STOCK, OR MORTGAGE PROPERTY. 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.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 4 - Delivery of Utility Services
Subtitle B - Provisions Regulating Delivery of Services
Chapter 181 - Miscellaneous Powers and Duties of Utilities
Subchapter A. Powers and Duties of Gas and Electric Corporations
Section 181.002. Corporate Powers
Section 181.003. Authority to Borrow Money, Issue Stock, or Mortgage Property
Section 181.004. Condemnation of Property
Section 181.005. Authority to Lay and Maintain Lines
Section 181.006. Consent Required in Municipality
Section 181.007. Authority to Hold Land or Other Property