Texas Business Organizations Code
§ 22.224 — DELEGATION OF INVESTMENT AUTHORITY
BO § 22.224Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. E. MANAGEMENT
Statute text
View on source(a)The board of directors of a corporation may:
(1)contract with an advisor who is an investment counsel or a trust company, bank, investment advisor, or investment manager; and
(2)confer on that advisor the authority to:
(A)purchase or otherwise acquire a stock, bond, security, or other investment on behalf of the corporation; and
(B)sell, transfer, or otherwise dispose of an asset or property of the corporation at a time and for a consideration the advisor considers appropriate.
(b)The board of directors may:
…
Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.