Sec. 22.053. DIVIDENDS PROHIBITED. Except as provided by Section 22.054, a dividend may not be paid to, and no part of the income of a corporation may be distributed to, the corporation's members, directors, or officers.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 121 (S.B. 1233), Sec. 2, eff. May 23, 2015.
Structure Texas Statutes
Chapter 22 - Nonprofit Corporations
Subchapter B. Purposes and Powers
Section 22.051. General Purposes
Section 22.052. Dental Health Service Corporation
Section 22.053. Dividends Prohibited
Section 22.054. Authorized Benefits and Distributions
Section 22.055. Power to Assist Employee or Officer
Section 22.056. Health Organization Corporation
Section 22.0561. Corporations Formed by Physicians and Physician Assistants