The corporation is a public nonprofit corporation and has all the powers and duties incident to a nonprofit corporation under the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes), except that the corporation:
(1) may not make donations for the public welfare or for charitable, scientific, or educational purposes or in aid of war activities;
(2) may not merge or consolidate with another corporation;
(3) is not subject to voluntary or involuntary dissolution; and
(4) may not be placed in receivership.
Official text of the Texas Utilities Code as published by the Texas Legislative Council.