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Texas Business Organizations Code

§ 22.229 — RIGHT TO CONTRIBUTION

BO § 22.229Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. E. MANAGEMENT

Statute text

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A director against whom a claim is asserted under Section 22.226 or 22.227 and who is held liable on the claim is entitled to contribution from persons who accepted or received the distribution knowing the distribution to have been made in violation of that section, in proportion to the amounts received by those persons.

Legislative history

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

Source: Texas Business Organizations Code § 22.229 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.