State Codes and Statutes
Statutes > Texas > Vernon-s-civil-statutes > Title-32-corporations > Chapter-17-trust-companies-and-investments
VERNON'S CIVIL STATUTES
TITLE 32. CORPORATIONS
CHAPTER 17. TRUST COMPANIES AND INVESTMENTS
Art. 1524b. HOUSING CORPORATIONS AUTHORIZED. Corporations may be
formed wholly for the purpose of providing housing for families
of low income and/or for reconstruction of slum areas, provided
such corporations are regulated by state or municipal law, as
hereinafter provided as to rents, charges, capital structure,
rate of return and areas and methods of operation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 1.
Art. 1524c. APPLICATION FOR INCORPORATION. Applications for
charters for corporations, the creation of which are authorized
under the provisions of this Act, in addition to requirements now
prescribed by law, must be accompanied by a certificate executed
by the officials of the governing body of the municipality in
which said corporation contemplate owning or operating any
properties certifying that the capital structure thereof and the
plans and specifications of the proposed building has the
approval of such governing body, provided, that where said
corporation contemplates the owning or operating of properties
situated outside the corporate limits of any organized town, city
or village, then the certification herein referred to shall be
executed by the Commissioners' Court of any county in which it is
contemplated to own and/or operate properties within the scope of
this Act. Such certificate shall not be binding upon the
Secretary of State who shall proceed to file or refuse to file
the charter in accordance with the provisions of existing laws.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 2.
Art. 1524d. POWERS; FEES AND TAXES. Any corporation organized
under the provisions of this Act shall have, except as herein
provided, all the powers of private domestic corporations which
have been heretofore organized under the provisions of the laws
of the State of Texas, and shall pay all fees and taxes which are
required to be paid by private domestic corporations organized
and/or existing under the laws of the State of Texas.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 3.
Art. 1524e. REGULATION BY MUNICIPALITIES OR COUNTIES. The rents,
charges, capital structure, rate of return and areas and method
of operation of any corporation organized under the provisions of
Section 1 hereof shall be regulated, as hereinafter provided, by
the governing body of any municipality or county where the
properties to be owned or operated are situated outside the
corporate limits of any organized town, city or village in which
said corporation owns and operates any property. Should any such
corporation own and operate properties in more than one
municipality, the governing body of each municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village in
which property of the corporation is situated, shall regulate in
the manner prescribed by this Act the rents, charges, rate of
return and area and method of operation of the property located
within the territorial limits of such municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village,
provided the governing body of a county shall not have the
jurisdiction of regulation of property of such corporation
situated within the corporate limits of a town, village, or city.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 4.
Art. 1524f. RATE OF RETURN RESTRICTED. The governing body fixing
the rate of return for a corporation organized under the
provisions of Section 1 of this Act shall not fix such rates of
return to yield a net amount in excess of eight (8%) per cent
upon the invested capital of such corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 5.
Art. 1524g. RULES AND REGULATIONS TO BE PRESCRIBED AND PLANS
APPROVED. Such governing body may establish rules and
regulations governing its procedure for hearings in fixing or
amending orders or ordinances fixing the rents, charges, rate of
return and areas and methods of corporations organized under the
provisions of Section 1 hereof, and before any building is
erected by such corporation, the detailed plans and
specifications thereof, must be approved by the governing body of
the municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village in which such building is to be
erected.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 6.
Art. 1524h. APPEAL FROM ORDER FIXING RATE OF RETURN. Any
corporation organized and existing under and by virtue of
provisions of Section 1 hereof, which shall be dissatisfied with
any rents, charges, rate of return and area and method of
operation which is fixed or may be fixed or may be changed by any
governing body, may, by giving to such governing body ten (10)
days notice by registered mail of its intention thereof, appeal
to any district court of the county wherein the property which is
affected is situated. The appeal shall be perfected by filing
suit in the district court of the county in which the property is
situated within ten (10) days after the giving of such notice,
and the filing of such suit shall suspend the order, rule,
regulation, or ordinance from which the appeal is perfected. The
municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village shall be defendant in said suit.
The trial shall be de novo, and Court, upon a hearing, shall, by
its judgment, regulate the rents, charges, rate of return, areas
and method of operation of the corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 7.
Art. 1524i. LOANS FROM RECONSTRUCTION FINANCE CORPORATION. Any
corporation created under the provisions of this Act, in addition
to the powers herein granted, shall have full power and authority
to do all things necessary to secure loans from the
Reconstruction Finance Corporation under the rules and
regulations prescribed by said Reconstruction Finance
Corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 8.
Art. 1524j. ANTI-TRUST LAWS NOT AFFECTED. Provided that nothing
in this Act shall in anywise affect or nullify the Anti-trust
laws of this State.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 9.
Art. 1524k. RESTRAINING VIOLATION OF ORDERS, RULES OR
REGULATIONS; PUNISHMENT FOR VIOLATION OF INJUNCTION. If any
agent, servant, officer or employee of any corporation created
under the provisions of this Act shall wilfully violate any
order, rule, regulation or ordinance fixing rents, charges, rate
of return, areas and method of operation, the District Court of
the County in which the property of such corporation is situated,
upon application of the governing body of the municipality or
county, where the properties to be owned or operated are situated
outside the corporate limits of any organized town, city or
village wherein the corporation owns property, may issue during
its term or in vacation a temporary writ of injunction
restraining such agents, servants, officers or employees from any
violation of such order, rule, regulation or ordinance and which
temporary writ of injunction may be made permanent upon notice
and hearing in the manner now provided by law. No bond shall be
required before issuing any such temporary or permanent
injunction and if any such injunction is violated by the agents,
servants, officers or employees of said corporation, the Court,
in addition to its power to punish for contempt, may order that
the building of such corporation shall not be used or occupied
for any period not to exceed one year but the Court shall permit
said building to be occupied or used if the owner, lessee, tenant
or occupant thereof shall give bond with sufficient surety to be
provided by the Court in the sum of not less than Five Hundred
($500.00) Dollars nor more than One Thousand ($1,000.00) Dollars,
payable to the Judge of said Court, conditioned that said
corporation, its agents, servants, officers or employees will
thereafter comply with the orders, rules, regulations or
ordinances which have been or may be promulgated, fixing the
rents, charges, or rate of return, areas and methods of operation
of said corporation and that it will pay all fines and costs that
may be assessed in contempt proceedings against its agents,
servants, officers and employees for the violation of any writ of
injunction existing, or which may thereafter be issued.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 10. Amended
by Acts 1989, 71st Leg., ch. 1039, Sec. 4.08, eff. Sept. 1, 1989.
State Codes and Statutes
Statutes > Texas > Vernon-s-civil-statutes > Title-32-corporations > Chapter-17-trust-companies-and-investments
VERNON'S CIVIL STATUTES
TITLE 32. CORPORATIONS
CHAPTER 17. TRUST COMPANIES AND INVESTMENTS
Art. 1524b. HOUSING CORPORATIONS AUTHORIZED. Corporations may be
formed wholly for the purpose of providing housing for families
of low income and/or for reconstruction of slum areas, provided
such corporations are regulated by state or municipal law, as
hereinafter provided as to rents, charges, capital structure,
rate of return and areas and methods of operation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 1.
Art. 1524c. APPLICATION FOR INCORPORATION. Applications for
charters for corporations, the creation of which are authorized
under the provisions of this Act, in addition to requirements now
prescribed by law, must be accompanied by a certificate executed
by the officials of the governing body of the municipality in
which said corporation contemplate owning or operating any
properties certifying that the capital structure thereof and the
plans and specifications of the proposed building has the
approval of such governing body, provided, that where said
corporation contemplates the owning or operating of properties
situated outside the corporate limits of any organized town, city
or village, then the certification herein referred to shall be
executed by the Commissioners' Court of any county in which it is
contemplated to own and/or operate properties within the scope of
this Act. Such certificate shall not be binding upon the
Secretary of State who shall proceed to file or refuse to file
the charter in accordance with the provisions of existing laws.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 2.
Art. 1524d. POWERS; FEES AND TAXES. Any corporation organized
under the provisions of this Act shall have, except as herein
provided, all the powers of private domestic corporations which
have been heretofore organized under the provisions of the laws
of the State of Texas, and shall pay all fees and taxes which are
required to be paid by private domestic corporations organized
and/or existing under the laws of the State of Texas.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 3.
Art. 1524e. REGULATION BY MUNICIPALITIES OR COUNTIES. The rents,
charges, capital structure, rate of return and areas and method
of operation of any corporation organized under the provisions of
Section 1 hereof shall be regulated, as hereinafter provided, by
the governing body of any municipality or county where the
properties to be owned or operated are situated outside the
corporate limits of any organized town, city or village in which
said corporation owns and operates any property. Should any such
corporation own and operate properties in more than one
municipality, the governing body of each municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village in
which property of the corporation is situated, shall regulate in
the manner prescribed by this Act the rents, charges, rate of
return and area and method of operation of the property located
within the territorial limits of such municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village,
provided the governing body of a county shall not have the
jurisdiction of regulation of property of such corporation
situated within the corporate limits of a town, village, or city.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 4.
Art. 1524f. RATE OF RETURN RESTRICTED. The governing body fixing
the rate of return for a corporation organized under the
provisions of Section 1 of this Act shall not fix such rates of
return to yield a net amount in excess of eight (8%) per cent
upon the invested capital of such corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 5.
Art. 1524g. RULES AND REGULATIONS TO BE PRESCRIBED AND PLANS
APPROVED. Such governing body may establish rules and
regulations governing its procedure for hearings in fixing or
amending orders or ordinances fixing the rents, charges, rate of
return and areas and methods of corporations organized under the
provisions of Section 1 hereof, and before any building is
erected by such corporation, the detailed plans and
specifications thereof, must be approved by the governing body of
the municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village in which such building is to be
erected.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 6.
Art. 1524h. APPEAL FROM ORDER FIXING RATE OF RETURN. Any
corporation organized and existing under and by virtue of
provisions of Section 1 hereof, which shall be dissatisfied with
any rents, charges, rate of return and area and method of
operation which is fixed or may be fixed or may be changed by any
governing body, may, by giving to such governing body ten (10)
days notice by registered mail of its intention thereof, appeal
to any district court of the county wherein the property which is
affected is situated. The appeal shall be perfected by filing
suit in the district court of the county in which the property is
situated within ten (10) days after the giving of such notice,
and the filing of such suit shall suspend the order, rule,
regulation, or ordinance from which the appeal is perfected. The
municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village shall be defendant in said suit.
The trial shall be de novo, and Court, upon a hearing, shall, by
its judgment, regulate the rents, charges, rate of return, areas
and method of operation of the corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 7.
Art. 1524i. LOANS FROM RECONSTRUCTION FINANCE CORPORATION. Any
corporation created under the provisions of this Act, in addition
to the powers herein granted, shall have full power and authority
to do all things necessary to secure loans from the
Reconstruction Finance Corporation under the rules and
regulations prescribed by said Reconstruction Finance
Corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 8.
Art. 1524j. ANTI-TRUST LAWS NOT AFFECTED. Provided that nothing
in this Act shall in anywise affect or nullify the Anti-trust
laws of this State.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 9.
Art. 1524k. RESTRAINING VIOLATION OF ORDERS, RULES OR
REGULATIONS; PUNISHMENT FOR VIOLATION OF INJUNCTION. If any
agent, servant, officer or employee of any corporation created
under the provisions of this Act shall wilfully violate any
order, rule, regulation or ordinance fixing rents, charges, rate
of return, areas and method of operation, the District Court of
the County in which the property of such corporation is situated,
upon application of the governing body of the municipality or
county, where the properties to be owned or operated are situated
outside the corporate limits of any organized town, city or
village wherein the corporation owns property, may issue during
its term or in vacation a temporary writ of injunction
restraining such agents, servants, officers or employees from any
violation of such order, rule, regulation or ordinance and which
temporary writ of injunction may be made permanent upon notice
and hearing in the manner now provided by law. No bond shall be
required before issuing any such temporary or permanent
injunction and if any such injunction is violated by the agents,
servants, officers or employees of said corporation, the Court,
in addition to its power to punish for contempt, may order that
the building of such corporation shall not be used or occupied
for any period not to exceed one year but the Court shall permit
said building to be occupied or used if the owner, lessee, tenant
or occupant thereof shall give bond with sufficient surety to be
provided by the Court in the sum of not less than Five Hundred
($500.00) Dollars nor more than One Thousand ($1,000.00) Dollars,
payable to the Judge of said Court, conditioned that said
corporation, its agents, servants, officers or employees will
thereafter comply with the orders, rules, regulations or
ordinances which have been or may be promulgated, fixing the
rents, charges, or rate of return, areas and methods of operation
of said corporation and that it will pay all fines and costs that
may be assessed in contempt proceedings against its agents,
servants, officers and employees for the violation of any writ of
injunction existing, or which may thereafter be issued.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 10. Amended
by Acts 1989, 71st Leg., ch. 1039, Sec. 4.08, eff. Sept. 1, 1989.
State Codes and Statutes
Statutes >
Texas >
Vernon-s-civil-statutes >
Title-32-corporations >
Chapter-17-trust-companies-and-investments VERNON'S CIVIL STATUTES
TITLE 32. CORPORATIONS
CHAPTER 17. TRUST COMPANIES AND INVESTMENTS
Art. 1524b. HOUSING CORPORATIONS AUTHORIZED. Corporations may be
formed wholly for the purpose of providing housing for families
of low income and/or for reconstruction of slum areas, provided
such corporations are regulated by state or municipal law, as
hereinafter provided as to rents, charges, capital structure,
rate of return and areas and methods of operation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 1.
Art. 1524c. APPLICATION FOR INCORPORATION. Applications for
charters for corporations, the creation of which are authorized
under the provisions of this Act, in addition to requirements now
prescribed by law, must be accompanied by a certificate executed
by the officials of the governing body of the municipality in
which said corporation contemplate owning or operating any
properties certifying that the capital structure thereof and the
plans and specifications of the proposed building has the
approval of such governing body, provided, that where said
corporation contemplates the owning or operating of properties
situated outside the corporate limits of any organized town, city
or village, then the certification herein referred to shall be
executed by the Commissioners' Court of any county in which it is
contemplated to own and/or operate properties within the scope of
this Act. Such certificate shall not be binding upon the
Secretary of State who shall proceed to file or refuse to file
the charter in accordance with the provisions of existing laws.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 2.
Art. 1524d. POWERS; FEES AND TAXES. Any corporation organized
under the provisions of this Act shall have, except as herein
provided, all the powers of private domestic corporations which
have been heretofore organized under the provisions of the laws
of the State of Texas, and shall pay all fees and taxes which are
required to be paid by private domestic corporations organized
and/or existing under the laws of the State of Texas.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 3.
Art. 1524e. REGULATION BY MUNICIPALITIES OR COUNTIES. The rents,
charges, capital structure, rate of return and areas and method
of operation of any corporation organized under the provisions of
Section 1 hereof shall be regulated, as hereinafter provided, by
the governing body of any municipality or county where the
properties to be owned or operated are situated outside the
corporate limits of any organized town, city or village in which
said corporation owns and operates any property. Should any such
corporation own and operate properties in more than one
municipality, the governing body of each municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village in
which property of the corporation is situated, shall regulate in
the manner prescribed by this Act the rents, charges, rate of
return and area and method of operation of the property located
within the territorial limits of such municipality or county,
where the properties to be owned or operated are situated outside
the corporate limits of any organized town, city or village,
provided the governing body of a county shall not have the
jurisdiction of regulation of property of such corporation
situated within the corporate limits of a town, village, or city.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 4.
Art. 1524f. RATE OF RETURN RESTRICTED. The governing body fixing
the rate of return for a corporation organized under the
provisions of Section 1 of this Act shall not fix such rates of
return to yield a net amount in excess of eight (8%) per cent
upon the invested capital of such corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 5.
Art. 1524g. RULES AND REGULATIONS TO BE PRESCRIBED AND PLANS
APPROVED. Such governing body may establish rules and
regulations governing its procedure for hearings in fixing or
amending orders or ordinances fixing the rents, charges, rate of
return and areas and methods of corporations organized under the
provisions of Section 1 hereof, and before any building is
erected by such corporation, the detailed plans and
specifications thereof, must be approved by the governing body of
the municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village in which such building is to be
erected.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 6.
Art. 1524h. APPEAL FROM ORDER FIXING RATE OF RETURN. Any
corporation organized and existing under and by virtue of
provisions of Section 1 hereof, which shall be dissatisfied with
any rents, charges, rate of return and area and method of
operation which is fixed or may be fixed or may be changed by any
governing body, may, by giving to such governing body ten (10)
days notice by registered mail of its intention thereof, appeal
to any district court of the county wherein the property which is
affected is situated. The appeal shall be perfected by filing
suit in the district court of the county in which the property is
situated within ten (10) days after the giving of such notice,
and the filing of such suit shall suspend the order, rule,
regulation, or ordinance from which the appeal is perfected. The
municipality or county, where the properties to be owned or
operated are situated outside the corporate limits of any
organized town, city or village shall be defendant in said suit.
The trial shall be de novo, and Court, upon a hearing, shall, by
its judgment, regulate the rents, charges, rate of return, areas
and method of operation of the corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 7.
Art. 1524i. LOANS FROM RECONSTRUCTION FINANCE CORPORATION. Any
corporation created under the provisions of this Act, in addition
to the powers herein granted, shall have full power and authority
to do all things necessary to secure loans from the
Reconstruction Finance Corporation under the rules and
regulations prescribed by said Reconstruction Finance
Corporation.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 8.
Art. 1524j. ANTI-TRUST LAWS NOT AFFECTED. Provided that nothing
in this Act shall in anywise affect or nullify the Anti-trust
laws of this State.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 9.
Art. 1524k. RESTRAINING VIOLATION OF ORDERS, RULES OR
REGULATIONS; PUNISHMENT FOR VIOLATION OF INJUNCTION. If any
agent, servant, officer or employee of any corporation created
under the provisions of this Act shall wilfully violate any
order, rule, regulation or ordinance fixing rents, charges, rate
of return, areas and method of operation, the District Court of
the County in which the property of such corporation is situated,
upon application of the governing body of the municipality or
county, where the properties to be owned or operated are situated
outside the corporate limits of any organized town, city or
village wherein the corporation owns property, may issue during
its term or in vacation a temporary writ of injunction
restraining such agents, servants, officers or employees from any
violation of such order, rule, regulation or ordinance and which
temporary writ of injunction may be made permanent upon notice
and hearing in the manner now provided by law. No bond shall be
required before issuing any such temporary or permanent
injunction and if any such injunction is violated by the agents,
servants, officers or employees of said corporation, the Court,
in addition to its power to punish for contempt, may order that
the building of such corporation shall not be used or occupied
for any period not to exceed one year but the Court shall permit
said building to be occupied or used if the owner, lessee, tenant
or occupant thereof shall give bond with sufficient surety to be
provided by the Court in the sum of not less than Five Hundred
($500.00) Dollars nor more than One Thousand ($1,000.00) Dollars,
payable to the Judge of said Court, conditioned that said
corporation, its agents, servants, officers or employees will
thereafter comply with the orders, rules, regulations or
ordinances which have been or may be promulgated, fixing the
rents, charges, or rate of return, areas and methods of operation
of said corporation and that it will pay all fines and costs that
may be assessed in contempt proceedings against its agents,
servants, officers and employees for the violation of any writ of
injunction existing, or which may thereafter be issued.
Acts 1932, 42nd Leg., 3rd C.S., p. 107, ch. 42, Sec. 10. Amended
by Acts 1989, 71st Leg., ch. 1039, Sec. 4.08, eff. Sept. 1, 1989.
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