2 The Texas Non-Profit Corporation Act (Article 1396-2.31, Revised Civil Statutes) [now Article 1396-2.31.A., pursuant to Acts 1999, 76th Leg., ch. 344,, §8.001, eff. Sept. 1, 1999] provides as follows:

A corporation that is described by Section 501(c)(3) or 170(c), Internal Revenue Code of 1986, or a corresponding provision of a subsequent federal tax law, or a corporation listed by the Internal Revenue Service in the Cumulative List of Organizations Described in Section 170(c) of the Internal Revenue Code of 1986, I.R.S. Publication 78, may serve as the trustee of a trust:

     (1) of which the corporation is a beneficiary; or

     (2) benefitting another organization described by one of those sections of the Internal Revenue Code of 1986, or a corresponding provision of a subsequent federal tax law, or listed by the Internal Revenue Service in the Cumulative List of Organizations Described in Section 170(c) of the Internal Revenue Code of 1986, I.R.S. Publication 78.