(a) All expenses of the corporation shall be paid from income of the corporation.
(b) A liability created by the corporation is not a debt of this state, and the corporation may not secure a liability with funds or assets of this state.
Tex. Util. Code § 251.054
EXPENSES AND LIABILITIES OF CORPORATION
Known as the Underground Facility Damage Prevention and Safety Act
The act spans §§ 251–251 (41 sections).
Added by Acts 1999, 76th Leg., ch. 62, Sec. 18.17(a), 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.