81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 35 of 64
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S.B. No. 1442
1 the series each of which has certain express rights, powers, and
2 duties. including providing for voting rights and rights, powers,
3 and duties senior to existing classes and groups of members or
4 managers associated with the series.
5 (b) The company agreement may provide for the taking of an
6 action, including the amendment of the company agreement, without
7 the vote or approval of any member or manager or class or group of
8 members or managers, to create under the provisions of the company
9 agreement a class or group of the series of membership interests
10 that was not previously outstanding.
11 (c) The company agreement may provide that:
12 (1) all or certain identified members or managers or a
13 specified class or group of the members or managers associated with
14 a series have the right to vote on any matter separately or with all
15 or any class or group of the members or managers associated with the
16 series;
17 (2) any member or class or group of members associated
18 with a series has no voting rights; and
19 (3) voting by members or managers associated with a
20 series is on a per capita, number, financial interest, class,
21 group,' or any other basis.
22 Sec. 101.608. GOVERNING AUTHORITY. (a' Notwithstanding
23 any. conflicting provision of the certificate of formation of a
24 limited liability company, the governing authority of a series
25 consists of the managers or members associated with the series as
26 provided in the company agreement.
27 (b) If the company agreement does not provide for the
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth310916/m1/35/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.