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.
Tex. Health & Safety Code § 221.034
NET EARNINGS
Known as the Health Facilities Development Act
The act spans §§ 221–221 (50 sections).
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.