Section 3503.112 - Nonprofit Corporations And Limited Liability Companies(a) The authority may authorize by resolution the creation of a nonprofit corporation under the Business Organizations Code to undertake on behalf of the authority a project described by Section 3503.003 or carry out any other purpose described by that section on the authority's behalf . (a-1) After the creation of a nonprofit corporation under Subsection (a), the authority may authorize by resolution: (1) the creation of a limited liability company under the Business Organizations Code for the purposes described by Subsection (a); and (2) the designation of the nonprofit corporation described by Subsection (a) to participate as a member of the company. (b) The board shall appoint the board of directors of each nonprofit corporation or limited liability company created under this section. A board member is not required to reside in the authority. (c) A board member or employee of the authority may simultaneously serve as a member of the board of directors of a nonprofit corporation or limited liability company created under this section. A person serving as a board member of the authority and of a nonprofit corporation or limited liability company created under this section may participate in all votes relating to the business of the authority, corporation, or company. (d) A nonprofit corporation or limited liability company created under this section may not exercise the power of eminent domain. (e) A nonprofit corporation or limited liability company created under this section is subject to Chapters 551 and 552, Government Code. Tex. Spec. Dist. Loc. Laws § 3503.112
Amended by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 112,Sec. 2, eff. 5/23/2023.Added by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 993,Sec. 2, eff. 9/1/2017.