Texas Business Organizations Code

§ 101.451 — DEFINITIONS

BO § 101.451Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. J. DERIVATIVE PROCEEDINGS

Statute text

View on source

In this subchapter:

(1)"Derivative proceeding" means a civil suit in the right of a domestic limited liability company or, to the extent provided by Section 101.462, in the right of a foreign limited liability company.

(2)"Managing entity" means an entity that is either:

(A)a manager of a limited liability company that is managed by managers; or

(B)a member of a limited liability company that is managed by members who are entitled to manage the company.

(3)"Member" includes a person who is a member or is an assignee of a membership interest or a person who beneficially owns a membership interest through a voting trust or a nominee on the person's behalf. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603), Sec. 13, eff. September 1, 2019. Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 29, eff. September 1, 2021.