Texas Business Organizations Code
§ 22.230 — CONTRACTS OR TRANSACTIONS INVOLVING INTERESTED DIRECTORS, OFFICERS, AND MEMBERS
BO § 22.230Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. E. MANAGEMENT
Statute text
View on source(a)This section applies to a contract or transaction between a corporation and:
(1)one or more directors, officers, or members, or one or more affiliates or associates of one or more directors, officers, or members, of the corporation; or
(2)an entity or other organization in which one or more directors, officers, or members, or one or more affiliates or associates of one or more directors, officers, or members, of the corporation:
(A)is a managerial official or a member; or
(B)has a financial interest.
(b)An otherwise valid and enforceable contract or transaction is valid and enforceable, and is not void or voidable, notwithstanding any relationship or interest described by Subsection (a), if any one of the following conditions is satisfied:
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 33, eff. September 1, 2011. Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 31, eff. September 1, 2023.