81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 27 of 64
The following text was automatically extracted from the image on this page using optical character recognition software:
S.B. No. 1442
1 series of shares l[-tit2-.t t3 cla 0 f3 - r -r- i-irr--r--, as
2 provided by Section 21.405, are entitled to cast more or less than
3 one vote on all matters or on specified matters. Such a provision
4 also applies to directors voting in any committee or subcommittee
5 regarding all matters or the specified matters, as applicable,
6 unless otherwise provided by the certificate of formation.
7 SECTION 37. Subsection (b), Section 21.418, Business
8 Organizations Code, is amended to read as follows:
9 (b) An otherwise valid contract or transaction described by
10 Subsection (a) is valid notwithstanding that the [al director or
11 officer having the relationship or interest described by Subsection
12 (a) [e-f 1 . 34 ap. u ) is present at or participates in the
13 meeting of the board of directors, or of a committee of the board
14 that authorizes the contract or transaction, or votes or sirns, in
15 the person's capacity as a director or committee members a
16 unanimous written consent of directors or committee members to
17 authorize the contract or transaction, if:
18 (1) the material facts as to the relationship or
19 interest described by Subsection (a) and as to the contract or
20 transaction are disclosed to or known by:
21 (A) the corporation's board of directors or a
22 committee of the board of directors and the board of directors or
23 committee in good faith authorizes the contract or transaction by
24 the approval [affi:---mav--: * ] of the majority of the
25 disinterested directors or committee members, regardless of
26 whether the disinterested directors or committee members
27 coi;stitute a quorum; or
Here’s what’s next.
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
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/m1/27/: accessed June 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.