No part of a corporation's net earnings remaining after payment of its bonds and expenses in accomplishing its public purpose may benefit a person other than the sponsor of the corporation.
Tex. Loc. Gov't Code § 303.043
NET EARNINGS
Known as the Public Facility Corporation Act
The act spans §§ 303.001 to 303.124 (56 sections).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, 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.