Bill Text: TX SB323 | 2011-2012 | 82nd Legislature | Enrolled

Texas Senate Bill 323 (Prior Session Legislation)

Bill Title: Relating to the applicability of certain laws governing corporations to limited liability companies.

Sponsorship: Partisan Bill (Republican 2)

Status: (Passed) 2011-05-09 - Effective on 9/1/11 [SB323 Detail]

Download: Texas-2011-SB323-Enrolled.html



	S.B. No. 323




	AN ACT
	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.





	______________________________	______________________________
	President of the Senate	Speaker of the House

	I hereby certify that S.B. No. 323 passed the Senate on
	March 17, 2011, by the following vote: Yeas 31, Nays 0.


	______________________________
	Secretary of the Senate

	I hereby certify that S.B. No. 323 passed the House on
	April 20, 2011, by the following vote: Yeas 146, Nays 0, one
	present not voting.


	______________________________
	Chief Clerk of the House



	Approved:

	______________________________
	Date


	______________________________
	Governor