Texas Business Organizations Code
§ 21.562 — APPLICATION TO FOREIGN CORPORATIONS
BO § 21.562Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. L. DERIVATIVE PROCEEDINGS
Statute text
View on source(a)In a derivative proceeding brought in the right of a foreign corporation, the matters covered by this subchapter are governed by the laws of the jurisdiction of formation of the foreign corporation, except for Sections 21.555, 21.560, and 21.561, which with respect to foreign corporations are procedural provisions and do not relate to the internal affairs of the foreign corporation, unless applying the laws of the jurisdiction of formation of the foreign corporation requires otherwise with respect to Section 21.555.
(b)In the case of matters relating to a foreign corporation under Section 21.555, a reference to a person or group of persons described by Section 21.554 refers to a person or group entitled under the laws of the jurisdiction of formation of the foreign corporation to make the determination described by Section 21.554(a). The standard of review of a determination made by the person or group shall be governed by the laws of the jurisdiction of formation of the foreign corporation. 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. 11, eff. September 1, 2019. Acts 2025, 89th Leg., R.S., Ch. 21 (S.B. 29), Sec. 16, eff. May 14, 2025. Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 29, eff. September 1, 2025.