Texas Attorney General Opinion: M-897 Page: 1 of 11
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June 30, 1971
Honorable J. Albert Dickie Opinion No. M-897
County Attorney
Coryell County Courthouse Re: Exemption from ad valorem
Gatesville, Texas 76528 taxes of property owned
by a non-profit corpora-
tion organized for the
purpose of promoting
industrial development
in Copperas Cove, Texas,
Dear Mr. Dickie: and contiguous trade area.
You have requested that we advise you as to the taxability
of properties belonging to Copperas Cove Industrial Foundation,
Inc., hereinafter referred to as "Copperas", a non-profit corpor-
ation organized pursuant to the provisions of the Texas Non-
Profit Corporation Act.1 The corporate purpose is stated in
Article Four of the charter of Copperas:
"The purpose or purposes for which the corporation
is organized are: Promoting industrial development
for and within said city of Copperas Cove, Texas, and
its contiguous trade territory and area, and with the
intent of exercising all of the general powers author-
ized by Article 2.02 of the Texas Non-Profit Corpora-
tion Act."
The charter also states that Copperas shall have perpetual dura-
tion.
Section 3 of the By-Laws of Copperas provides that no offi-
cer or director shall ever draw compensation and that any assets
held by Copperas at the time of corporate dissolution would
pass to a successor corporation or organization having a similar
1 3 V.C.S., Ch. 9, Art. 1396-1.01, et. seq.-4368-
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Texas. Attorney-General's Office. Texas Attorney General Opinion: M-897, text, June 30, 1971; (https://texashistory.unt.edu/ark:/67531/metapth270125/m1/1/?rotate=90: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.