VERNON'S TEXAS CIVIL STATUTES
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.
