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Texas Business Organizations Code

§ 8.152 — REPORTS OF INDEMNIFICATION AND ADVANCES

BO § 8.152Title 1. GENERAL PROVISIONS · Ch. 8. INDEMNIFICATION AND INSURANCE · Art. D. LIABILITY INSURANCE; REPORTING REQUIREMENTS

Statute text

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(a)An enterprise shall report in writing to the owners or members of the enterprise an indemnification of or advance of expenses to a governing person.
(b)Subject to Subsection (c), the report must be made with or before:
(1)the notice or waiver of notice of the next meeting of the owners or members of the enterprise; or
(2)the next submission to the owners or members of a consent to action without a meeting.
(c)The report must be made not later than the first anniversary of the date of the indemnification or advance. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 44, eff. September 1, 2007.

Source: Texas Business Organizations Code § 8.152 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.