reglab/housing_qa huggingface dataset:
TX Bus Orgs § 22.506 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.506. Notice Requirements for Ratified Defective Corporate Act Submitted for Approval of Members With Voting Rights

Sec. 22.506.  NOTICE REQUIREMENTS FOR RATIFIED DEFECTIVE CORPORATE ACT SUBMITTED FOR APPROVAL OF MEMBERS WITH VOTING RIGHTS.  (a)  If a corporation has members with voting rights and if the ratification of a defective corporate act is required to be submitted to such members for approval under Section 22.505, notice of the time, place, if any, and purpose of the meeting shall be given at least 20 days before the date of the meeting to:(1)  each member with voting rights as of the record date of the meeting, at the address of the member as it appears or most recently appeared, as appropriate, on the corporation's records; and(2)  each member with voting rights as of the time of the defective corporate act, except that notice is not required to be given to a member whose identity or address cannot be ascertained from the corporation's records.(b)  The notice must contain:(1)  copies of the resolutions adopted by the board of directors under Section 22.503 or the information required by Sections 22.503(a)(1)-(4); and(2)  a statement that, on member approval of the ratification of the defective corporate act made in accordance with this subchapter, the member's right to challenge the defective corporate act is limited to an action claiming that a court of appropriate jurisdiction, in its discretion, should declare:(A)  that the ratification not take effect or that it take effect only on certain conditions, if that action is filed with the court not later than the 120th day after the applicable validation effective time; or(B)  that the ratification was not accomplished in accordance with this subchapter.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.507 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.507. Quorum and Voting for Approval of Ratified Defective Corporate Act at Meeting of Members With Voting Rights

Sec. 22.507.  QUORUM AND VOTING FOR APPROVAL OF RATIFIED DEFECTIVE CORPORATE ACT AT MEETING OF MEMBERS WITH VOTING RIGHTS.  (a)  If the corporation has members with voting rights, at the meeting of such members, the quorum and voting requirements applicable to the approval of the ratification of a defective corporate act under Section 22.505 are the same as the quorum and voting requirements applicable at the time of the approval by the members of the ratification for the type of ratified defective corporate act proposed to be approved, except as provided by this section.(b)  If the presence or approval of a larger number of members or of any class of members would have been required for a quorum to be present or to approve the defective corporate act, as applicable, by the corporation's governing documents, any plan or agreement to which the corporation was a party, or any provision of the corporate statute, each as in effect at the time of the defective corporate act, then the presence or approval of the larger number of members or of the class of members shall be required for a quorum to be present or to approve the ratification of the defective corporate act, as applicable, except that the presence or approval of any class that is no longer in existence or has no members, or of any person that is no longer a member with voting rights, is not required.(c)  The approval by the members with voting rights of the ratification of the election of a director requires the affirmative vote of the majority of members present at the meeting and entitled to vote on the election of the director at the time of the approval, unless the governing documents of the corporation then in effect or in effect at the time of the defective election require or required a larger number of members with voting rights or of any class of members with voting rights to elect the director, in which case the affirmative vote of the larger number of members or of the class of members is required to ratify the election of the director, except that the presence or approval of any class that is no longer in existence or has no members, or of any person that is no longer a member with voting rights, is not required.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.509 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.509. Adoption of Resolutions; Effect on Defective Corporate Act

Sec. 22.509.  ADOPTION OF RESOLUTIONS; EFFECT ON DEFECTIVE CORPORATE ACT.  On or after the validation effective time, unless determined otherwise in an action brought under Section 22.512, each defective corporate act ratified in accordance with this subchapter may not be considered void or voidable as a result of the failure of authorization described by the resolutions adopted under Sections 22.503 and 22.504, and the effect shall be retroactive to the time of the defective corporate act.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.511 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.511. Ratification Procedures or Court Proceedings Concerning Validation Not Exclusive

Sec. 22.511.  RATIFICATION PROCEDURES OR COURT PROCEEDINGS CONCERNING VALIDATION NOT EXCLUSIVE.  (a)  Ratification of an act or transaction under this subchapter or validation of an act or transaction as provided by Sections 22.512 through 22.515 is not the exclusive means of ratifying or validating any act or transaction taken by or on behalf of the corporation, including any defective corporate act, or of adopting or endorsing any act or transaction taken by or in the name of the corporation before the corporation exists.(b)  The absence or failure of ratification of an act or transaction in accordance with this subchapter or of validation of an act or transaction as provided by Sections 22.512 through 22.515 does not, of itself, affect the validity or effectiveness of any act or transaction properly ratified under common law or otherwise, nor does it create a presumption that any such act or transaction is or was a defective corporate act.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.513 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.513. Exclusive Jurisdiction

Sec. 22.513.  EXCLUSIVE JURISDICTION.  The district court has exclusive jurisdiction to hear and determine any action brought under Section 22.512.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.514 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.514. Service

Sec. 22.514.  SERVICE.  (a)  Service of an application filed under Section 22.512 on the registered agent of a corporation or in any other manner permitted by applicable law is considered to be service on the corporation, and no other party need be joined in order for the district court to adjudicate the matter.(b)  If an action is brought by a corporation under Section 22.512, the district court may require that notice of the action be provided to other persons identified by the court and permit those other persons to intervene in the action.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.515 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.515. Statute of Limitations

Sec. 22.515.  STATUTE OF LIMITATIONS.  (a)  This section does not apply to:(1)  an action asserting that a ratification was not accomplished in accordance with this subchapter; or(2)  any person to whom notice of the ratification was not given as required by Sections 22.506 and 22.510.(b)  Notwithstanding any other provision of this subchapter:(1)  an action claiming that a defective corporate act is void or voidable due to a failure of authorization identified in the resolutions adopted in accordance with Section 22.503 may not be filed in or must be dismissed by any court after the applicable validation effective time; and(2)  an action claiming that a court of appropriate jurisdiction, in its discretion, should declare that a ratification in accordance with this subchapter not take effect or that the ratification take effect only on certain conditions may not be filed with the court after the expiration of the 120th day after the later of the validation effective time or the time that any notice required to be given under Section 22.510 is given with respect to the ratification.(c)  Except as otherwise provided by a corporation's governing documents, for purposes of this section, notice under Section 22.510 that is:(1)  mailed is considered to be given on the date the notice is deposited in the United States mail with postage paid in an envelope addressed to the member at the member's address appearing or most recently appearing, as appropriate, in the records of the corporation; and(2)  transmitted by facsimile or electronic message is considered to be given when the facsimile or electronic message is transmitted to a facsimile number or an electronic message address provided by the member, or to which the member consents, for the purpose of receiving notice.|Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 22.516 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 22 - Nonprofit Corporations|Subchapter J. Ratification of Defective Corporate Acts; Proceedings|Section 22.516. Notice to Attorney General

Sec. 22.516.  NOTICE TO ATTORNEY GENERAL.  (a)  In this section, "charitable entity" has the meaning assigned by Section 123.001, Property Code.(b)  An action brought under Section 22.512 that involves a charitable entity is considered a "proceeding involving a charitable trust" to which Chapter 123, Property Code, applies. |Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969), Sec. 1, eff. September 1, 2019.|
TX Bus Orgs § 23.001 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter A. General Provisions|Section 23.001. Determination of Applicable Law

Sec. 23.001.  DETERMINATION OF APPLICABLE LAW.  (a)  A corporation created under this chapter or under a special statute outside this code, to the extent not inconsistent with a special statute regarding a particular corporation, is governed by:(1)  Title 1 and Chapter 21, if the corporation is organized for profit;  and(2)  Title 1 and Chapter 22, if the corporation is organized not for profit.(b)  If a special statute does not contain any provision regarding a matter provided for in Title 1 or Chapter 21 or 22, or if the special statute specifically provides that the general laws for corporations supplement the statute, to the extent consistent with the special statute:(1)  Title 1 and Chapter 21 apply to a corporation organized for profit;  and(2)  Title 1 and Chapter 22 apply to a corporation organized not for profit.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.002 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter A. General Provisions|Section 23.002. Applicability of Filing Requirements

Sec. 23.002.  APPLICABILITY OF FILING REQUIREMENTS.  Except as otherwise provided by the special statute, a document to be filed with the secretary of state under a special statute shall be executed and filed in accordance with Chapter 4.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.003 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter A. General Provisions|Section 23.003. Domestic Corporation Organized Under Special Statute

Sec. 23.003.  DOMESTIC CORPORATION ORGANIZED UNDER SPECIAL STATUTE.  A corporation organized under a special statute other than this code is not considered a "domestic corporation" formed under this code, although this code may apply to the corporation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.051 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.051. Definitions

Sec. 23.051.  DEFINITIONS.  In this subchapter:(1)  "Corporation" means a business development corporation organized under this subchapter.(2)  "Financial institution" means a banking corporation or trust company, savings and loan association, governmental agency, insurance company, or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.(3)  "Loan limit" means the maximum amount permitted to be outstanding at one time on loans made by a member to a corporation.(4)  "Member" means a financial institution authorized to do business in this state that undertakes to lend money to a corporation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.052 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.052. Organizers

Sec. 23.052.  ORGANIZERS.  Subject to The Securities Act (Title 12, Government Code), 25 or more persons, the majority of whom must be residents of this state, may form a business development corporation to promote, develop, and advance the prosperity and economic welfare of this state.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.05, eff. January 1, 2022.|
TX Bus Orgs § 23.053 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.053. Purposes

Sec. 23.053.  PURPOSES.  (a)  A business development corporation may be organized as a:(1)  for-profit corporation under Chapter 21;  or(2)  nonprofit corporation under Chapter 22.(b)  In accordance with Section 3.005(a)(3), the certificate of formation of a business development corporation must state that the purposes of the corporation are to:(1)  promote, stimulate, develop, and advance the business prosperity and economic welfare of this state and the residents of this state;(2)  encourage and assist, through loans, investments, or other business transactions, new business and industry in this state;(3)  rehabilitate and assist existing industry in this state;(4)  stimulate and assist in the expansion of business activity that will tend to promote the business development and maintain the economic stability of this state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the residents of this state;(5)  cooperate and act in conjunction with other public or private organizations in the promotion and advancement of industrial, commercial, agricultural, and recreational developments in this state; and(6)  provide financing for the promotion, development, and conduct of business activity in this state.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 94, eff. September 1, 2007.|
TX Bus Orgs § 23.056 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.056. Certificate of Formation

Sec. 23.056.  CERTIFICATE OF FORMATION.  (a)  The certificate of formation of a corporation must state:(1)  the name of the corporation;(2)  the purpose or purposes for which the corporation is organized as required by Section 23.053;  and(3)  any other information required by:(A)  Chapter 4;  and(B)  Chapter 21 or 22, as applicable.(b)  The name of a corporation must include the words "Business Development Corporation."|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.057 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.057. Management by Board of Directors; Number of Directors

Sec. 23.057.  MANAGEMENT BY BOARD OF DIRECTORS;  NUMBER OF DIRECTORS.  (a)  The organization, control, and management of a corporation are vested in a board of directors.  The board must consist of not fewer than 15 and not more than 21 directors.(b)  The board of directors may exercise any power of the corporation not conferred on the shareholders or members by law or by the corporation's bylaws.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.058 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.058. Election or Appointment of Directors

Sec. 23.058.  ELECTION OR APPOINTMENT OF DIRECTORS.  (a)  The organizers of a corporation shall name the directors constituting the initial board of directors of the corporation.  Directors other than the initial directors shall be elected at each annual meeting of the corporation.  If an annual meeting is not held at the time designated by the bylaws of the corporation, the directors shall be elected at a special meeting held in lieu of the annual meeting.(b)  At an annual meeting or special meeting held in lieu of the annual meeting, the members of the corporation shall elect two-thirds of the directors, and the shareholders of the corporation shall elect the remaining directors.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 95, eff. September 1, 2007.|
TX Bus Orgs § 23.059 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.059. Term of Office; Vacancy

Sec. 23.059.  TERM OF OFFICE;  VACANCY.  (a)  A director of a corporation holds office until the next annual election of directors and until a successor is elected and qualified, unless the director is removed at an earlier date in accordance with the corporation's bylaws.(b)  A vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and a vacancy in the office of a director elected by the shareholders shall be filled by the directors elected by the shareholders.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.060 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.060. Officers

Sec. 23.060.  OFFICERS.  The board of directors of a corporation shall appoint a president, a treasurer, and any other agent or officer of the corporation and shall fill each vacancy other than a vacancy on the board.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.061 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.061. Participation as Owner

Sec. 23.061.  PARTICIPATION AS OWNER.  (a)  An individual, corporation, or other organization authorized to conduct business in this state, including a public utility company, insurance and casualty company, or foreign corporation licensed to do business in this state, or a trust may acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of a bond, security, or other evidence of indebtedness created by, or shares of, the corporation.(b)  An owner of shares of the corporation may exercise any right, power, or privilege of that ownership, including the right to vote.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.062 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.062. Financial Institution as Member of Corporation

Sec. 23.062.  FINANCIAL INSTITUTION AS MEMBER OF CORPORATION.  (a)  A financial institution may become a member of a corporation and may make loans to the corporation as provided by this chapter.(b)  A financial institution may request membership in the corporation by applying to the corporation's board of directors in the manner prescribed by the board.  Membership in the corporation takes effect on the board's acceptance of the application.(c)  A financial institution that is a member of a corporation may acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of a bond, security, or other evidence of indebtedness created by, or a share of, the corporation.  As owner of shares of the corporation, a financial institution may exercise any right, power, or privilege of that ownership, including the right to vote.  A member of a corporation may not acquire shares of the corporation in an amount greater than 10 percent of the member's loan limit.  The amount of shares of the corporation that a member may acquire is in addition to the amount of shares of corporations that the member may otherwise acquire.(d)  A financial institution that is not a member of the corporation may not acquire any shares of the corporation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.063 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.063. Withdrawal of Member

Sec. 23.063.  WITHDRAWAL OF MEMBER.  (a)  On written notice to the corporation's board of directors, a member may withdraw from a corporation on the date stated in the notice.  The date of a member's withdrawal must be at least six months after the date notice is given under this subsection.(b)  A member is not obligated to make a loan to the corporation pursuant to a call made after the date of the member's withdrawal from the corporation, but a member shall fulfill any obligation that has accrued or for which a commitment has been made before the withdrawal date.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 23.064 (2021)
2021 Texas Statutes|Business Organizations Code|Title 2 - Corporations|Chapter 23 - Special-Purpose Corporations|Subchapter B. Business Development Corporations|Section 23.064. Powers of Shareholders and Members

Sec. 23.064.  POWERS OF SHAREHOLDERS AND MEMBERS.  The shareholders and members of a corporation may:(1)  determine the number of directors and elect the directors as provided by Section 23.058;(2)  make, amend, and repeal bylaws of the corporation;  or(3)  exercise any other power of the corporation that is conferred on the shareholders and members by the bylaws.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|