81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 31 of 64
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S.B. No. 1442
governing persons or committee members to authorize the contract or
(1) the material facts as to the relationship or
interest described by Subsection (a) and as to the contract or
transaction are disclosed to or known by:
(A) the company's governing authority or a
committee of the governing authority and the governing authority or
committee in good faith authorizes the contract or transaction by
the approval [(-ffi- ati-- v --te] of the majority of the
disinterested governing persons or committee members, regardless
of whether the disinterested governing persons or committee members
constitute a quorum; or
(B) the members of the company, and the members
in good faith approve the contract or transaction by vote of the
(2) the contract or transaction is fair to the company
when' the contract or transaction is authorized, approved, or
ratified by the governing authority, a committee of the governing
authority, or the members of the company.
SECTION 45. Chapter 101, Business Organizations Code, is
amended by adding Subchapter M to read as follows:
SUBCHAPTER M. SERIES LIMITED LIABILITY COMPANY
Sec. 101.601. SERIES OF MEMBERS, MANAGERS, MEMBERSHIP
INTERESTS, OR ASSETS. (a) A company agreement may establish or
provide for the establishment of one or more designated series of
members, managers, membership interests, or assets that:
(1) has separate rights, powers, or duties with
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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/m1/31/: accessed June 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.