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LOCAL GOVERNMENT CODE CHAPTER 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.058. EFFECT OF ISSUANCE OF CERTIFICATE EVIDENCING FILING. (a) A <br /> corporation's existence begins when the certificate evidencing the filing of <br />its certificate of formation is issued. <br />(b) After the issuance of the certificate evidencing the filing of the <br />certificate of formation, the formation of the corporation may not be contested <br />for any reason. <br />(c) A certificate evidencing the filing of the certificate of formation is <br /> conclusive evidence that: <br />(1) the organizers and the unit have performed all conditions <br />precedent for the formation of the corporation; and <br />(2) the corporation is formed under this subtitle. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.059. CORPORATE SEAL. A corporation may have a corporate seal and <br /> with respect to a project may impress, affix, or otherwise reproduce the seal <br />or a facsimile of the seal on an instrument required to be executed by the <br />corporation's appropriate officers. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.060. MAY SUE AND BE SUED. With respect to a project, a <br />corporation may sue, be sued, complain, and defend in the corporation's name. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.061. CORPORATION'S ORGANIZATION NOT RESTRICTED. Except as <br />provided by this subtitle, no proceeding, notice, or approval is required for <br />the organization of a corporation. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.062. BOARD OF DIRECTORS. (a) All of the powers of a corporation <br /> are vested in a board of directors consisting of three or more directors <br />appointed by the governing body of the corporation's authorizing unit. <br />http://www.statutes.legis.state.tx.us/Docs/LG/htm/LG.501.htm\[9/22/2014 3:35:01 PM\] <br /> <br />