| 6 | 4 | | AN ACT |
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| 7 | 5 | | relating to the authority of the TexAmericas Center to incorporate |
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| 8 | 6 | | a nonprofit corporation for certain purposes and to the tax |
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| 9 | 7 | | treatment of such a nonprofit corporation. |
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| 10 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 9 | | SECTION 1. Subchapter C, Chapter 3503, Special District |
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| 12 | 10 | | Local Laws Code, is amended by adding Section 3503.111 to read as |
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| 13 | 11 | | follows: |
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| 14 | 12 | | Sec. 3503.111. NONPROFIT CORPORATIONS. (a) The authority |
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| 15 | 13 | | may authorize by resolution the incorporation of a nonprofit |
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| 16 | 14 | | corporation under the Business Organizations Code to exercise the |
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| 17 | 15 | | powers granted to the authority. A corporation created under this |
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| 18 | 16 | | section must be a nonmember, nonstock corporation. |
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| 19 | 17 | | (b) Each nonprofit corporation created under this section |
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| 20 | 18 | | may: |
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| 21 | 19 | | (1) acquire and hold title to real property and |
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| 22 | 20 | | improvements to that property; and |
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| 23 | 21 | | (2) collect and remit to the authority income, less |
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| 24 | 22 | | expenses, from that real property and from improvements to that |
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| 25 | 23 | | property. |
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| 26 | 24 | | (c) The board shall appoint the board of directors of each |
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| 27 | 25 | | nonprofit corporation created under this section. A board member |
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| 28 | 26 | | is not required to reside in the authority. |
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| 29 | 27 | | (d) A board member or employee of the authority may |
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| 30 | 28 | | simultaneously serve as a member of the board of directors of a |
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| 31 | 29 | | nonprofit corporation. A person serving as a board member of the |
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| 32 | 30 | | authority and of a nonprofit corporation created by the authority |
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| 33 | 31 | | may participate in all votes relating to the business of the |
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| 34 | 32 | | authority or the corporation, regardless of any statutory |
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| 35 | 33 | | prohibition. |
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| 36 | 34 | | SECTION 2. Section 3503.154, Special District Local Laws |
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| 37 | 35 | | Code, is amended to read as follows: |
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| 38 | 36 | | Sec. 3503.154. EXEMPTION FROM TAXATION. The property, |
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| 39 | 37 | | revenue, and income of the authority and of each nonprofit |
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| 40 | 38 | | corporation created under Section 3503.111 are exempt from all |
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| 41 | 39 | | taxes imposed by the state or a political subdivision of the state. |
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| 42 | 40 | | SECTION 3. This Act takes effect immediately if it receives |
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| 43 | 41 | | a vote of two-thirds of all the members elected to each house, as |
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| 44 | 42 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 45 | 43 | | Act does not receive the vote necessary for immediate effect, this |
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| 46 | 44 | | Act takes effect September 1, 2015. |
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| 45 | + | ______________________________ ______________________________ |
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| 46 | + | President of the Senate Speaker of the House |
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| 47 | + | I hereby certify that S.B. No. 1563 passed the Senate on |
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| 48 | + | April 30, 2015, by the following vote: Yeas 31, Nays 0. |
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| 49 | + | ______________________________ |
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| 50 | + | Secretary of the Senate |
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| 51 | + | I hereby certify that S.B. No. 1563 passed the House on |
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| 52 | + | May 22, 2015, by the following vote: Yeas 140, Nays 0, two |
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| 53 | + | present not voting. |
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| 54 | + | ______________________________ |
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| 55 | + | Chief Clerk of the House |
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| 56 | + | Approved: |
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| 57 | + | ______________________________ |
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| 58 | + | Date |
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| 59 | + | ______________________________ |
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| 60 | + | Governor |
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