S.B. No. 1442
1 effect of the limitations provided in Subsection (a); and
2 (3) the company's certificate of formation contains a
3 notice of the limitations provided in Subsection (a).
4 Sec. 101.603. ASSETS OF SERIES. (a) Assets associated
5 with a series may be held directly or indirectly, including being
6 held in the name of the series, in the name of the limited liability
7 company, through a nominee, or otherwise.
8 (b) If the records of a series are maintained in a manner so
9 that the assets of the series can be reasonably identified by
10 specific listing, category, tYpe, quantity, or computational or
11 allocational formula or procedure, including a percentage or share
12 of any assets, or by any other method in which the identity of the
13 assets can be objeciively determined, the records are considered to
14 satiisfy the requirements of Section 101.602(b) (1).
15 Sec. 101.604. NOTICE OF LIMITATION ON LIABILITIES OF
16 SERIES. Notice of the limitation on liabilities of a series
17 required by Section 101.602 that is contained in a certificate of
18 formation filed with the secretary of state satisfies the
19 requirements of Section 101.602(b)(3), regardless of whether:
20 i (1) the limited liability company has established any
21 series under this subchapter when the notice is contained in the
22 certificate of formation; and
23 (2) the notice makes a reference to a specific series
24 of the limited liability company.
25 Sec. 101.605. GENERAL POWERS OF SERIES. A series
26 established under this subchapter has the power and capacity, in
27 the series' own name, to:
Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84. [Austin, Texas]. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth310916/. Accessed April 25, 2014.