Yes, in accordance with Section 22.151 of the Texas Business Organizations Code (TOB), a nonprofit corporation may have one or more classes of members or it may have no members at all. If the corporation has one or more classes of members, the corporation’s certificate of formation or bylaws must include:
- a designation of each class;
- the manner of the election or appointment of the members of each class; and
- the qualifications and rights of the members of each class.
If you have any additional questions about your nonprofit, call your Dallas Nonprofit Attorneys at the Perliski Law Group today!