Texas Education Code

§ 53B.48 — QUALIFIED NONPROFIT CORPORATION ACTING FOR OR ON BEHALF OF TWO OR MORE CITIES

ED § 53B.48Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 53B. HIGHER EDUCATION LOAN AUTHORITIES · Art. C. POWERS AND DUTIES

Statute text

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(a)A qualified nonprofit corporation described by Section 53B.47(e) that has agreed to exercise the powers enumerated under Section 53B.47 for and on behalf of two or more cities may withdraw from acting for and on behalf of any of those cities if the governing body of the applicable city consents to the withdrawal and rescinds its earlier request that the nonprofit corporation act for and on behalf of the city. A nonprofit corporation that completes a withdrawal described by this subsection continues to act under the authority of Section 53B.47(e) for and on behalf of the remaining city or cities.

(b)Following the qualified nonprofit corporation's withdrawal under this section from acting for and on behalf of a city:

(1)the applicable city is no longer:

(A)entitled to participate in the appointment or removal of a member of the board of directors of the nonprofit corporation under Section 53B.47(e); or

(B)authorized or required to participate in the approval of the issuance of revenue bonds or other borrowings by the nonprofit corporation under Section 53B.47(a); and

(2)members of the board of directors of the nonprofit corporation who were appointed by that city are no longer considered to be qualified directors of the nonprofit corporation.

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Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 420 (H.B. 3245), Sec. 1, eff. June 10, 2015.