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Texas Business Organizations Code

§ 23.109 — AUTHORITY REGARDING LOANS

BO § 23.109Title 2. CORPORATIONS · Ch. 23. SPECIAL-PURPOSE CORPORATIONS · Art. C. GRAND LODGES

Statute text

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(a)A grand body incorporated under this subchapter may:
(1)loan money held and owned by the grand body for charitable purposes, for the endowment of any of the institutions of the grand body, or otherwise; and
(2)secure loans by taking and receiving liens on real property or by another method elected by the grand body.
(b)On sale of real property secured by a lien, a grand body may become the purchaser of the real property and hold title to the property.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 23.109 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.