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A BILL TO BE ENTITLED
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AN ACT
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relating to the availability of financial information of nonprofit |
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corporations for public inspection. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 22.353, Business Organizations Code, is |
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amended to read as follows: |
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Sec. 22.353. AVAILABILITY OF FINANCIAL INFORMATION FOR |
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PUBLIC INSPECTION. (a) A corporation shall keep each document the |
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corporation is required to make available for public inspection as |
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an entity that is exempt from income taxation under Section 501(a), |
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Internal Revenue Code of 1986, by being listed as an exempt |
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organization under Section 501(c)(3) of that code, [records, books, |
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and annual reports of the corporation's financial activity] at the |
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corporation's registered or principal office in this state for at |
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least three years after the close of the fiscal year. |
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(b) The corporation shall make the documents described by |
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Subsection (a) [records, books, and reports] available to the |
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public for inspection and copying at the corporation's registered |
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or principal office during regular business hours. The corporation |
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may charge a reasonable fee for preparing a copy of a document |
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[record or report]. |
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SECTION 2. This Act takes effect September 1, 2023. |