Texas Business Organizations Code
§ 23.054 — POWERS
BO § 23.054Title 2. CORPORATIONS · Ch. 23. SPECIAL-PURPOSE CORPORATIONS · Art. B. BUSINESS DEVELOPMENT CORPORATIONS
Statute text
View on source(a)The powers of a corporation include, in addition to the powers conferred on the corporation by Chapters 2 and 21 or 22, as applicable, the power to:
(1)elect, appoint, and employ officers, agents, and employees;
(2)make contracts and incur liabilities for a purpose of the corporation;
(3)borrow money on a secured or unsecured basis to carry out a purpose of the corporation;
(4)issue for the purpose of borrowing money a bond, debenture, note, or other evidence of indebtedness, whether secured or unsecured;
(5)secure an evidence of indebtedness by mortgage, pledge, deed of trust, or other lien on a property, franchise, right, or privilege of the corporation, or any part of or interest in those items, without securing shareholder or member approval;
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Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.