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