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Texas Health and Safety Code

§ 221.034 — NET EARNINGS

HS § 221.034Title 4. HEALTH FACILITIES · Part A. FINANCING, CONSTRUCTING, REGULATING, AND INSPECTING · Ch. 221. HEALTH FACILITIES DEVELOPMENT ACT · Art. B. CREATION AND OPERATION OF DEVELOPMENT CORPORATION

Statute text

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A development corporation is a nonprofit corporation, and no part of its net earnings remaining after payment of its bonds and expenses of accomplishing its public purpose may benefit a person other than the sponsoring entity.

Legislative history

Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.

Source: Texas Health and Safety Code § 221.034 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.