Bill Text: TX SB323 | 2011-2012 | 82nd Legislature | Comm Sub
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Bill Title: Relating to the applicability of certain laws governing corporations to limited liability companies.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-05-09 - Effective on 9/1/11 [SB323 Detail]
Download: Texas-2011-SB323-Comm_Sub.html
Bill Title: Relating to the applicability of certain laws governing corporations to limited liability companies.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-05-09 - Effective on 9/1/11 [SB323 Detail]
Download: Texas-2011-SB323-Comm_Sub.html
By: Carona | S.B. No. 323 | |
(In the Senate - Filed January 7, 2011; February 2, 2011, | ||
read first time and referred to Committee on Business and Commerce; | ||
March 2, 2011, reported favorably by the following vote: Yeas 7, | ||
Nays 0; March 2, 2011, sent to printer.) |
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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. | ||
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