A gas or electric corporation has the right to:
(1) borrow money;
(2) issue stock, including preferred stock; or
(3) mortgage a franchise or other property of the corporation to secure a debt contracted for any purpose of the corporation.
Tex. Util. Code § 181.003
AUTHORITY TO BORROW MONEY, ISSUE STOCK, OR MORTGAGE PROPERTY
Acts 1997, 75th Leg., ch. 166, 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.