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Texas Business Organizations Code

§ 23.053 — PURPOSES

BO § 23.053Title 2. CORPORATIONS · Ch. 23. SPECIAL-PURPOSE CORPORATIONS · Art. B. BUSINESS DEVELOPMENT CORPORATIONS

Statute text

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(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;
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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 94, eff. September 1, 2007.

Source: Texas Business Organizations Code § 23.053 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.