Bill Text: TX HB2651 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the authority of a development corporation to create a subsidiary corporation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-23 - Referred to Economic & Small Business Development [HB2651 Detail]
Download: Texas-2017-HB2651-Introduced.html
| 85R6636 ATP-F | ||
| By: Laubenberg | H.B. No. 2651 | |
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| relating to the authority of a development corporation to create a | ||
| subsidiary corporation. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 501.054, Local Government Code, is | ||
| amended by adding Subsection (c) to read as follows: | ||
| (c) A corporation may create one or more subsidiary | ||
| corporations. Any subsidiary corporation created by a corporation | ||
| is subject to all of the provisions of this subtitle and any other | ||
| law of this state governing the corporation that creates the | ||
| subsidiary corporation, including the powers, privileges, | ||
| limitations, and functions applicable to the corporation that | ||
| creates the subsidiary corporation. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2017. | ||
