Public-domain · open source
OpenJurist

Development Corporation Act

Texas · LG · §§ 501.001 to 507.202 · 255 sections

Overview

The Development Corporation Act authorizes cities, counties, and similar local units in Texas to create nonprofit, nonmember corporations that finance projects promoting economic development on the unit's behalf. It sets out how such a corporation is formed and governed — the certificate of formation and its filing, the board of directors, officers, bylaws, meetings and quorum requirements, indemnification, and purchasing — while keeping the corporation subject to the supervision of the authorizing unit and to open meetings and public information requirements. The act also defines the categories of undertakings that qualify as projects, including those tied to creating or retaining primary jobs, certain job training, infrastructure improvements, and certain military bases or missions, and it limits the arrangement by barring delegation of the unit's sovereign powers, preserving its police powers, and restricting the financial obligations the unit may incur.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 2 court decisions.

Most-cited authority: 522 S.W.3d 6 - City of Leon Valley Economic Development Corp. v. Little

Sections covered

All Texas named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →