81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 25 of 64
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S.B. No. 1442
(c) r A procedure established under Subsection (b) must:
(1) determine the extent of the corporation's
recognition of the beneficial owner as a shareholder; and
(2) include the nominee's filing of a statement with
the corporation that contains information regarding the beneficial
(d) A procedure established under Subsection (b) may set
(1) the types of nominees to which the procedure
(2) the rights or privileges that the corporation will
recognize in a beneficial owner, to the extent that the rights or
privileges are not inconsistent with Section 10.361(g);
(3) the manner in which the procedure is selected by
(4) the information that must be provided when the
procedure is selected;
(5) the period for which the selection of the
procedure is effective; and
(6) any other aspect of the rights and duties to be
established under the procedure.
SECTION 34. Section 21.224, Business Organizations Code, is
amended to read as follows:
Sec. 21.224. PREEMPTION OF LIABILITY. The liability of a
holder, beneficial owner, or subscriber of shares of a corporation,
or any affiliate of such a holder, owner, or subscriber or of the
corporation, for an obligation that is limited by Section 21.223 is
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/25/: accessed November 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.