Texas Education Code
§ 51.923 — QUALIFICATIONS OF CERTAIN BUSINESS ENTITIES TO ENTER INTO CONTRACTS WITH AN INSTITUTION OF HIGHER EDUCATION
ED § 51.923Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 51. PROVISIONS GENERALLY APPLICABLE TO HIGHER EDUCATION · Art. Z. MISCELLANEOUS PROVISIONS
Statute text
View on source(a)In this section:
(1)"Business entity" means any entity recognized by law through which business is conducted, including a sole proprietorship, partnership, firm, corporation, limited liability company, holding company, joint stock company, receivership, or trust.
(2)"Governing board" has the meaning assigned by Section 61.003.
(3)"Institution of higher education" has the meaning assigned by Section 61.003.
(4)"Nonprofit corporation" means any organization exempt from federal income tax under Section 501 of the Internal Revenue Code of 1986 that does not distribute any part of its income to any member, director, or officer.
(b)A nonprofit corporation is not disqualified from entering into a contract or other transaction with an institution of higher education even though one or more members of the governing board of the institution of higher education also serves as a member, director, officer, or employee of the nonprofit corporation.
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 2.01, eff. June 17, 2011. Acts 2017, 85th Leg., R.S., Ch. 556 (S.B. 533), Sec. 16, eff. September 1, 2017.