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Texas Local Government Code - LOC GOV'T § 171.002. Substantial Interest in Business Entity

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) For purposes of this chapter, a person has a substantial interest in a business entity if:

(1) the person owns 10 percent or more of the voting stock or shares of the business entity or owns either 10 percent or more or $15,000 or more of the fair market value of the business entity; or

(2) funds received by the person from the business entity exceed 10 percent of the person's gross income for the previous year.

(b) A person has a substantial interest in real property if the interest is an equitable or legal ownership with a fair market value of $2,500 or more.

(c) A local public official is considered to have a substantial interest under this section if a person related to the official in the first degree by consanguinity or affinity, as determined under Chapter 573,  1 Government Code, has a substantial interest under this section.

1 V.T.C.A., Government Code § 573.001 et seq.
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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 171.002. Substantial Interest in Business Entity - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-171-002/

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