TITLE: Relating to the authority of a development corporation to create a subsidiary corporation.

SUMMARY: Relating to the authority of a development corporation to create a subsidiary corporation.

FULL TEXT:
AN ACT 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.