Texas § LG.303.041 - CORPORATION'S GENERAL POWERS

§ LG.303.041. CORPORATION'S GENERAL POWERS

CORPORATION'S GENERAL POWERS. (a) Subject to Section 303.045 , a corporation has the rights and powers necessary or convenient to accomplish the corporation's purposes, including the power to: (1) acquire title to a public facility in order to lease, convey, or dispose of the public facility to the corporation's sponsor or, on direction of the sponsor and in furtherance of the sponsor's purposes, to another entity; (2) accept or grant a mortgage or pledge of a public facility financed, refinanced, or provided by the corporation or by sponsor obligations purchased by the corporation and, as security for the payment of any connected bonds or credit agreements that the corporation issues or incurs: (A) assign the mortgage or pledge and the revenue and receipts from the mortgage or pledge or from the corporation or sponsor obligations; or (B) grant other security; (3) sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of the corporation's property and other assets, including sponsor obligations; (4) make a contract, including a credit agreement, incur a liability, and borrow money at interest; (5) lend money for its corporate purposes, invest its money, and take and hold security for the payment of money loaned or invested; (6) sue and be sued in its corporate name; (7) appoint agents of the corporation and determine their duties; (8) have a corporate seal and use the seal by having it or a facsimile of it impressed on, affixed to, or reproduced on an instrument required or authorized to be executed by the corporation's proper officers; and (9) exercise any powers that a nonprofit corporation may exercise, to the extent necessary or convenient to accomplish the purpose of the corporation. (b) Subsection (a) does not authorize a corporate officer or director to exercise a power specified in that subsection in a manner that is inconsistent with the corporation's articles of incorporation or bylaws or beyond the scope of the corporation's purposes. (c) A sponsor may not delegate to a corporation the power of taxation or eminent domain, a police power, or an equivalent sovereign power of this state or the sponsor. (d) The authority granted under Subsection (a)(3) includes the authority to grant a leasehold or other possessory interest in a public facility owned by the corporation. Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999. Amended by: Acts 2015, 84th Leg., R.S., Ch. 488 (H.B. 2679 ), Sec. 4, eff. June 16, 2015.