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Texas Business Organizations Code

§ 3.105 — RIGHTS OF OFFICERS IN CERTAIN CASES

BO § 3.105Title 1. GENERAL PROVISIONS · Ch. 3. FORMATION AND GOVERNANCE · Art. C. GOVERNING PERSONS AND OFFICERS

Statute text

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(a)In discharging a duty or exercising a power, an officer of a domestic entity may, in good faith and ordinary care, rely on information, opinions, reports, or statements, including financial statements and other financial data, concerning the entity or another person and prepared or presented by:
(1)another officer or an employee of the entity;
(2)legal counsel;
(3)a certified public accountant;
(4)an investment banker; or
(5)a person who the officer reasonably believes possesses professional expertise in the matter.
…

Legislative history

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

Source: Texas Business Organizations Code § 3.105 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.