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Texas Statutes (Last Updated: January 4, 2014) |
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EDUCATION CODE |
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Title 3. HIGHER EDUCATION |
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Subtitle A. HIGHER EDUCATION IN GENERAL |
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Chapter 57. GUARANTEED STUDENT LOANS |
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Subchapter B. ADMINISTRATION |
Sec. 57.22. APPLICATION OF THE TEXAS NON-PROFIT CORPORATION ACT
Latest version.
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(a) The corporation is subject to the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes), except that:
(1) the corporation may not make donations for the public welfare or for charitable or scientific purposes or in aid of war activities;
(2) the corporation is not required to file articles of incorporation;
(3) the corporation is not subject to voluntary or involuntary dissolution;
(4) the corporation may not be placed in receivership; and
(5) the corporation is not required to make reports to the secretary of state under Article 9.01 of that Act.
(b) Subsection (a)(1) does not prohibit the corporation from supporting educational purposes under Section 57.211.
Added by Acts 1979, 66th Leg., p. 1711, ch. 706, Sec. 1, eff. Aug. 27, 1979. Amended by Acts 1995, 74th Leg., ch. 238, Sec. 1, eff. Sept. 1, 1995; Acts 1999, 76th Leg., ch. 967, Sec. 5, eff. June 18, 1999.