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Texas Business Organizations Code

§ 101.402 — PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF EXPENSES, AND INSURANCE OR OTHER ARRANGEMENTS

BO § 101.402Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. I. MODIFICATION OF DUTIES; INDEMNIFICATION

Statute text

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(a)A limited liability company may:
(1)indemnify a person;
(2)pay in advance or reimburse expenses incurred by a person; and
(3)purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person.
(b)In this section, "person" includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company.

Legislative history

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

Source: Texas Business Organizations Code § 101.402 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.