Texas Statutes
Subchapter B. Corporate Powers and Limitations
Section 502.051. Written Contract Required for Business Recruitment or Development

Sec. 502.051. WRITTEN CONTRACT REQUIRED FOR BUSINESS RECRUITMENT OR DEVELOPMENT. (a) Except under a written contract approved by the corporation's board of directors, a corporation may not pay compensation, including a commission or fee, or another thing of value to a broker, agent, or other third party who:
(1) is involved in business recruitment or development; and
(2) is not an employee of the corporation.
(b) A corporation that violates Subsection (a) is liable to this state for a civil penalty in an amount not to exceed $10,000.
(c) The attorney general may bring an action to recover the civil penalty in a district court in Travis County or the county in which the violation occurred.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.

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