Sec. 221.034. NET EARNINGS. A development corporation is a nonprofit corporation, and no part of its net earnings remaining after payment of its bonds and expenses of accomplishing its public purpose may benefit a person other than the sponsoring entity.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Subtitle A - Financing, Constructing, Regulating, and Inspecting Health Facilities
Chapter 221 - Health Facilities Development Act
Subchapter B. Creation and Operation of Development Corporation
Section 221.011. Authority to Create
Section 221.013. Articles of Incorporation
Section 221.014. Certificate of Incorporation
Section 221.015. Organizational Meeting
Section 221.017. Certificate of Amendment
Section 221.018. Restated Articles of Incorporation
Section 221.019. Restated Certificate of Incorporation
Section 221.020. Registered Office and Agent
Section 221.021. Change of Registered Office or Agent
Section 221.022. Resignation of Registered Agent
Section 221.023. Agents for Service
Section 221.026. Indemnification
Section 221.029. Meetings; Action Without Meeting
Section 221.030. Corporation's General Powers
Section 221.031. Conveyance of Land
Section 221.032. Perfection of Security Interest
Section 221.035. Alteration of Development Corporation or Activities