81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 30 of 64
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S.B. No. 1442
1 distribution from the company in violation of this section is not
2 required to return the distribution to the company unless [4" ] the
3 member had knowledge of the violation.
4 (f) For purposes of this section, "distribution" does not
5 include an amount constituting reasonable compensation for present
6 or past services or a reasonable payment made in the ordinary course
7 of business under a bona fide retirement plan or other benefits
9 SECTION 42. Subchapter E, Chapter 101, Business
10 Organizations Code, is amended by adding Section 101.208 to read as
12 Sec. 101.208. RECORD DATE. A company agreement may
13 establish or provide for the establishment of a record date with
14 respect to allocations and distributions.
15 SECTION 43. The heading to Section 101.251, Business
16 Organizations Code, is amended to read as follows:
17 Sec. 101.251. GOVERNING AUTHORITY [MBICRCHIrJ.
18 SECTION 44. Subsection (b), Section 101.255, Business
19 Organizations Code, is amended to read as follows:
20 (b) An otherwise valid contract or transaction described by
21 Subsection (a) is valid notwithstanding that the [a] governing
22 person or officer having the relationship or interest described by
23 Subsection (a) [f the empany] is present at or participates in the
24 meeting of the governing authority, or of a committee of the
25 governing [ p--ems] authority, that authorizes the contract or
26 transaction or votes or signs, in the person's capacity as a
27 governing person or committee member, a written consent of
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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/m1/30/: accessed September 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.