Tex. Loc. Gov't Code § 171.002

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

Section 171.002 - Substantial Interest in Business Entity

(a) For purposes of this chapter, a person has a substantial interest in a business entity if:

(1) the person owns 10 percent or more of the voting stock or shares of the business entity or owns either 10 percent or more or $15,000 or more of the fair market value of the business entity; or

(2) funds received by the person from the business entity exceed 10 percent of the person's gross income for the previous year.

(b) A person has a substantial interest in real property if the interest is an equitable or legal ownership with a fair market value of $2,500 or more.

(c) A local public official is considered to have a substantial interest under this section if a person related to the official in the first degree by consanguinity or affinity, as determined under Chapter 573, Government Code, has a substantial interest under this section.

Tex. Loc. Gov't. Code § 171.002

Amended By Acts 1997, 75th Leg., ch. 849, Sec. 1, eff. 9/1/1997.

Amended By Acts 1995, 74th Leg., ch. 76, Sec. 5.95(27), eff. 9/1/1995

Amended By Acts 1991, 72nd Leg., ch. 561, Sec. 37, eff. 8/26/1991

Amended by Acts 1989, 71st Leg., ch. 1, Sec. 40(a), eff. 8/28/1989

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.