(a) Creation. The commission will by order approve the creation of a corporation if it finds that such creation is advisable and will:
  (1) serve the public interest;
  (2) address a statewide or regional transportation need; and
  (3) develop or promote a transportation project that is or will be consistent with the statewide transportation plan and an existing regional transportation plan developed by a metropolitan planning organization, if any.
(b) Approval order.
  (1) An order of the commission approving the creation of a corporation shall:
    (A) include a finding that the commission determines that the creation of the corporation is advisable;
    (B) approve the articles of incorporation and bylaws to be used in organizing the corporation;
    (C) designate the geographic area of the state in which the corporation may operate; and
    (D) appoint three or more directors to the Board, in accordance with §15.85 of this title (relating to Board of Directors), for individual terms not to exceed six years.
  (2) The commission will stagger the terms of the directors to the extent practicable.

Source Note: The provisions of this §15.84 adopted to be effective January 1, 1997, 21 TexReg 11828.