Texas § BO.23.053 - PURPOSES
Full text of Texas The Texas Constitution § BO.23.053 — PURPOSES, with citation guidance and answers to common questions.
§ BO.23.053. PURPOSES
PURPOSES. (a) A business development corporation may be organized as a: (1) for-profit corporation under Chapter 21 ; or (2) nonprofit corporation under Chapter 22 . (b) In accordance with Section 3.005 (a)(3), the certificate of formation of a business development corporation must state that the purposes of the corporation are to: (1) promote, stimulate, develop, and advance the business prosperity and economic welfare of this state and the residents of this state; (2) encourage and assist, through loans, investments, or other business transactions, new business and industry in this state; (3) rehabilitate and assist existing industry in this state; (4) stimulate and assist in the expansion of business activity that will tend to promote the business development and maintain the economic stability of this state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the residents of this state; (5) cooperate and act in conjunction with other public or private organizations in the promotion and advancement of industrial, commercial, agricultural, and recreational developments in this state; and (6) provide financing for the promotion, development, and conduct of business activity in this state. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737 ), Sec. 94, eff. September 1, 2007.
Frequently Asked Questions About Texas § BO.23.053
What does The Texas Constitution § BO.23.053 cover?
Section BO.23.053 ("PURPOSES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.23.053?
A common citation format is "The Texas Constitution § BO.23.053" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.23.053 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.