Sec. 431.023. ADOPTION OF RESOLUTION. (a) A corporation may be created only if the commission adopts a resolution authorizing the creation of a corporation to act on behalf of the commission.
(b) A resolution must state that the commission:
(1) determines that creation of the corporation is advisable; and
(2) approves the articles of incorporation proposed to be used in organizing the corporation.
(c) The commission may designate the area of the state in which the corporation may act on behalf of the commission. The designated area may include the territory of more than one political subdivision of the state.
(d) The commission may authorize the creation of more than one corporation to act within the same designated area. The resolution authorizing each corporation must specify the public purpose of that corporation.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 17.04, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - Transportation Corporations
Chapter 431 - Texas Transportation Corporation Act
Subchapter B. Creation and Operation of Corporation
Section 431.021. Purpose of Corporation
Section 431.023. Adoption of Resolution
Section 431.024. Form of Corporation
Section 431.025. Articles of Incorporation
Section 431.026. Delivery and Filing of Certificate of Incorporation
Section 431.027. Effect of Issuance of Certificate of Incorporation
Section 431.029. Advisory Directors
Section 431.032. Indemnification