Bill Text: TX HB521 | 2011-2012 | 82nd Legislature | Comm Sub
Bill Title: Relating to the applicability of certain laws governing corporations to limited liability companies.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2011-04-19 - Laid on the table subject to call [HB521 Detail]
Download: Texas-2011-HB521-Comm_Sub.html
| 82R3886 CLG-F | ||
| By: Elkins | H.B. No. 521 | |
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| relating to the applicability of certain laws governing | ||
| corporations to limited liability companies. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter A, Chapter 101, Business | ||
| Organizations Code, is amended by adding Section 101.002 to read as | ||
| follows: | ||
| Sec. 101.002. APPLICABILITY OF OTHER LAWS. (a) Subject to | ||
| Section 101.114, Sections 21.223, 21.224, 21.225, and 21.226 apply | ||
| to a limited liability company and the company's members, owners, | ||
| assignees, affiliates, and subscribers. | ||
| (b) For purposes of the application of Subsection (a): | ||
| (1) a reference to "shares" includes "membership | ||
| interests"; | ||
| (2) a reference to "holder," "owner," or "shareholder" | ||
| includes a "member" and an "assignee"; | ||
| (3) a reference to "corporation" or "corporate" | ||
| includes a "limited liability company"; | ||
| (4) a reference to "directors" includes "managers" of | ||
| a manager-managed limited liability company and "members" of a | ||
| member-managed limited liability company; | ||
| (5) a reference to "bylaws" includes "company | ||
| agreement"; and | ||
| (6) the reference to "Sections 21.157-21.162" in | ||
| Section 21.223(a)(1) refers to the provisions of Subchapter D of | ||
| this chapter. | ||
| SECTION 2. This Act takes effect September 1, 2011. | ||
