(a) A corporation is a nonmember, nonstock corporation.
(b) A corporation is nonprofit, and its earnings may not benefit a private interest.
(c) A corporation may be created as a perpetual corporation.
Tex. Transp. Code § 431.024
FORM OF CORPORATION
Known as the Texas Transportation Corporation Act
The act spans §§ 431.001–431.186 (63 sections).
Acts 1995, 74th Leg., ch. 165, 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.