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Texas Business Organizations Code

§ 101.306 — REMOVAL AND REPLACEMENT OF MANAGER ELECTED BY CLASS OR GROUP

BO § 101.306Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. G. MANAGERS

Statute text

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(a)If a class or group of the members of a limited liability company is entitled by the company agreement of the company to elect one or more managers of the company, a manager may be removed from office only by the class or group that elected the manager.
(b)A vacancy in the position of a manager elected as provided by Subsection (a) may be filled only by:
(1)a majority vote of the managers serving on the date the vacancy occurs who were elected by the class or group of members; or
(2)a majority vote of the members of the class or group.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 101.306 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.