| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R6636 ATP-F | |
| 2 | 2 | By: Laubenberg H.B. No. 2651 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the authority of a development corporation to create a | |
| 8 | 8 | subsidiary corporation. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 501.054, Local Government Code, is | |
| 11 | 11 | amended by adding Subsection (c) to read as follows: | |
| 12 | 12 | (c) A corporation may create one or more subsidiary | |
| 13 | 13 | corporations. Any subsidiary corporation created by a corporation | |
| 14 | 14 | is subject to all of the provisions of this subtitle and any other | |
| 15 | 15 | law of this state governing the corporation that creates the | |
| 16 | 16 | subsidiary corporation, including the powers, privileges, | |
| 17 | 17 | limitations, and functions applicable to the corporation that | |
| 18 | 18 | creates the subsidiary corporation. | |
| 19 | 19 | SECTION 2. This Act takes effect immediately if it receives | |
| 20 | 20 | a vote of two-thirds of all the members elected to each house, as | |
| 21 | 21 | provided by Section 39, Article III, Texas Constitution. If this | |
| 22 | 22 | Act does not receive the vote necessary for immediate effect, this | |
| 23 | 23 | Act takes effect September 1, 2017. |