Texas § PR.163.002 - LEGISLATIVE FINDINGS AND PURPOSE
Full text of Texas The Texas Constitution § PR.163.002 — LEGISLATIVE FINDINGS AND PURPOSE, with citation guidance and answers to common questions.
§ PR.163.002. LEGISLATIVE FINDINGS AND PURPOSE
LEGISLATIVE FINDINGS AND PURPOSE. (a) The legislature finds that: (1) institutions organized and operated exclusively for a charitable purpose perform essential and needed services in the state; (2) uncertainty exists regarding the prudence standards for the management and investment of charitable funds and for endowment spending by institutions described by Subdivision (1); and (3) the institutions, their officers, directors, and trustees, and the citizens of this state will benefit from removal of the uncertainty regarding applicable prudence standards and by permitting endowment funds to be invested for the long-term goals of achieving growth and maintaining purchasing power without adversely affecting the availability of funds for current expenditure. (b) The purpose of this chapter is to provide guidance and authority through modern articulations of prudence standards for the management and investment of charitable funds and for endowment spending by institutions organized and operated exclusively for a charitable purpose in order to provide uniformity and remove uncertainty regarding those standards. Added by Acts 1989, 71st Leg., ch. 213, Sec. 1, eff. May 26, 1989. Amended by Acts 1993, 73rd Leg., ch. 240, Sec. 1, eff. May 22, 1993. Amended by: Acts 2007, 80th Leg., R.S., Ch. 834 (H.B. 860 ), Sec. 1, eff. September 1, 2007.
Frequently Asked Questions About Texas § PR.163.002
What does The Texas Constitution § PR.163.002 cover?
Section PR.163.002 ("LEGISLATIVE FINDINGS AND PURPOSE") 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 § PR.163.002?
A common citation format is "The Texas Constitution § PR.163.002" (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 § PR.163.002 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.