Section 501.160 - Owning or Operating Project As Business(a) Except as provided by Subsection (d), a corporation may not own or operate a project as a business other than:(1) as a lessor, seller, or lender; or(2) according to the requirements of any trust agreement securing the credit transaction.(b) The user under a lease, sale, or loan agreement relating to a project is considered the owner of the project for purposes of ad valorem taxes, sales and use taxes, or any other taxes imposed by this state or a political subdivision of this state.(c) Purchasing and holding a mortgage, deed of trust, or other security interest or contracting for the servicing of a mortgage, deed of trust, or other security interest is not considered the operation of a project.(d) A corporation has all the powers necessary to own and operate a project as a business if:(1) the project is a military installation or military facility that has been closed or realigned, including a military installation or facility closed or realigned under the Defense Base Closure and Realignment Act of 1990 (10 U.S.C. Section 2687 note), as amended; or(2) the project is authorized under Section 501.106.Tex. Loc. Gov't. Code § 501.160
Amended by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 795,Sec. 2, eff. 6/17/2015.Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. 4/1/2009.