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Texas Business Organizations Code

§ 22.151 — MEMBERS

BO § 22.151Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. D. MEMBERS

Statute text

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(a)A corporation may have one or more classes of members or may have no members.
(b)If the corporation has one or more classes of members, the corporation's certificate of formation or bylaws must include:
(1)a designation of each class;
(2)the manner of the election or appointment of the members of each class; and
(3)the qualifications and rights of the members of each class.
(c)A corporation may issue a certificate, card, or other instrument evidencing membership rights, voting rights, or ownership rights as authorized by the certificate of formation or bylaws.

Legislative history

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

Source: Texas Business Organizations Code § 22.151 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.