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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a development corporation to create a |
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subsidiary corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 501.054, Local Government Code, is |
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amended by adding Subsection (c) to read as follows: |
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(c) A corporation may create one or more subsidiary |
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corporations. Any subsidiary corporation created by a corporation |
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is subject to all of the provisions of this subtitle and any other |
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law of this state governing the corporation that creates the |
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subsidiary corporation, including the powers, privileges, |
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limitations, and functions applicable to the corporation that |
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creates the subsidiary corporation. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |