Gavvy: Util. Code, Sec. 251.054. Expenses and Liabilities of Corporation.

Add your company name, a link, and a message to this page.

Sec. 251.054. Expenses and Liabilities of Corporation.

Sec. 251.054. EXPENSES AND LIABILITIES OF CORPORATION. (a) All expenses of the corporation shall be paid from income of the corporation.

(b) A liability created by the corporation is not a debt of this state, and the corporation may not secure a liability with funds or assets of this state.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 18.17(a), eff. Sept. 1, 1999.

Gavvy last updated this database on: Sep 6, 2024