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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A municipality or county that creates a corporation may limit the corporation's purposes in the proceedings directing the creation of the corporation by prohibiting the corporation from financing particular types of cultural facilities, including a cultural facility to be used for a purpose specified in the proceedings.
(b) As a condition of providing financing, a corporation may restrict a person receiving financing from using a cultural facility for a particular purpose.
(c) A restriction imposed by a municipality or county on a corporation may be enforced by the governing body of the sponsoring entity by injunction or mandamus.
(d) A violation of a restriction by a corporation may not impair the validity of an obligation incurred by the corporation.
Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 337.015. Limitation on Corporate Purposes - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-337-015/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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