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Local Government Code §171.002

In force on Sep 01, 1997 · this text took effect Sep 01, 1997 · same as today's text

SUBSTANTIAL INTEREST IN BUSINESS ENTITY

(a) For purposes of this chapter, a person has a substantial interest in a business entity if: (1) the person owns 10 percent or more of the voting stock or shares of the business entity or owns either 10 percent or more or $15,000 or more of the fair market value of the business entity; or (2) funds received by the person from the business entity exceed 10 percent of the person's gross income for the previous year. (b) A person has a substantial interest in real property if the interest is an equitable or legal ownership with a fair market value of $2,500 or more. (c) A local public official is considered to have a substantial interest under this section if a person related to the official in the first degree by consanguinity or affinity, as determined under Chapter 573 , Government Code, has a substantial interest under this section.

History: Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 1, Sec. 40(a), eff. Aug. 28, 1989; Acts 1991, 72nd Leg., ch. 561, Sec. 37, eff. Aug. 26, 1991; Acts 1995, 74th Leg., ch. 76, Sec. 5.95(27), eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 849, Sec. 1, eff. Sept. 1, 1997.

Source: the Legislature's file server, seen Nov 30, 2018 to Nov 08, 2026.

Every version on file

Effective Sep 01, 1997 · seen Nov 2018–Nov 2026

Attorney General opinions that cite it

JM-1006 (Jan 12, 1989): Whether a county judge may simultaneously serve as a member of the board of directors of a corporation which does business with the county, and related questions
JM-1065: Whether the Lubbock Power Texas State Senate and Light Company may contract P. 0. Box 12068 with the Texas Tech Research Austin, Texas 78711 Foundation if a Lubbock city councilman is chairman of the foundation board of directors

A research copy. The official text is the Legislature's (statutes), the Secretary of State's (Texas Administrative Code) or eCFR's (federal rules). Not legal advice.