Tex. Gov't Code § 4005.015

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 4005.015 - Nonprofits

The exemption provided by Section 4005.001 applies to the disposition of a security or membership:

(1) issued by a corporation or association:

(A) that is organized exclusively for a religious, educational, benevolent, fraternal, charitable, or reformatory purpose;

(B) that is not organized for pecuniary profit; and

(C) for which no part of the net earnings inures to the benefit of any stockholder, shareholder, or individual member of the corporation or association; and

(2) for which no commission or remuneration is paid or given or is to be paid or given. (V.A.C.S. Art. 581-5, Subsec. K.)

Tex. Gov't. Code § 4005.015

Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 1.01, eff. 1/1/2022.