§ 17.01. Application to existing domestic corporations
The provisions of this title shall apply to all existing corporations organized under
any general or special act of this State providing for the organization of corporations
for a purpose or purposes for which a corporation might be organized under this title. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended 1997, No. 10, § 1.)
§ 17.02. Application to qualified foreign corporations
A foreign corporation authorized to transact business in this State on the effective
date of this chapter is subject to this chapter but is not required to obtain a new
certificate of authority to transact business under this chapter. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
§ 17.03. Savings provisions
(a) Except as provided in subsection (b) of this section, the repeal of a statute by this
chapter does not affect:
(1) the operation of the statute or any action taken under it before its repeal;
(2) any ratification, right, remedy, privilege, obligation, or liability acquired, accrued,
or incurred under the statute before its repeal;
(3) any violation of the statute or any penalty, forfeiture, or punishment incurred because
of the violation before its repeal;
(4) any proceeding, reorganization, or dissolution commenced under the statute before
its repeal, and the proceeding, reorganization, or dissolution may be completed in
accordance with the statute as if it had not been repealed; or
(5) any meeting of members or directors or action by written consent noticed or any action
taken before its repeal as a result of a meeting of members or directors or action
by written consent.
(b) If a penalty or punishment imposed for violation of a statute repealed by this chapter
is reduced by this chapter, the penalty or punishment if not already imposed shall
be imposed in accordance with this chapter. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
§ 17.04. Severability
If any provision of this chapter or its application to any person or circumstance
is held invalid by a court of competent jurisdiction, the invalidity does not affect
other provision or applications of the chapter that can be given effect without the
invalid provision or application, and to this end the provisions of the chapter are
severable. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
§ 17.05. Public benefit and mutual benefit corporations
Each domestic corporation existing on the effective date of this chapter that is or
becomes subject to this chapter shall be classified as a public benefit or a mutual
benefit corporation as follows:
(1) any corporation classified by statute as a public benefit corporation or a mutual
benefit corporation is the type of corporation so classified by statute;
(2) any corporation which does not come within subdivision (1) of this section but which
is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation;
(3) any corporation which does not come within subdivision (1) or (2) of this section,
but which is organized for a public or charitable purpose and which upon dissolution
must distribute its assets to the United States, a state, or a person which is recognized
as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and
(4) any corporation which does not come within subdivision (1), (2), or (3) of this section
is a mutual benefit corporation. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)