Texas Business Organizations Code

§ 3.102 — RIGHTS OF GOVERNING PERSONS IN CERTAIN CASES

BO § 3.102Title 1. GENERAL PROVISIONS · Ch. 3. FORMATION AND GOVERNANCE · Art. C. GOVERNING PERSONS AND OFFICERS

Statute text

(a)In discharging a duty or exercising a power, a governing person, including a governing person who is a member of a committee, may, in good faith and with ordinary care, rely on information, opinions, reports, or statements, including financial statements and other financial data, concerning a domestic entity or another person and prepared or presented by:

(1)an officer or employee of the entity;

(2)legal counsel;

(3)a certified public accountant;

(4)an investment banker;

(5)a person who the governing person reasonably believes possesses professional expertise in the matter; or

…

Legislative history

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