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.
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