81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 34 of 64
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. s.B. No. 1442
1 (1) sue and be sued;
2 (2) contract;
3 (3) hold title to assets of the series, including real
4 property, personal property, and intangible property; and
5 (4) grant liens and security interests in assets of
6 the series.
7 ,Sec. 101.606. LIABILITY OF MEMBER OR MANAGER FOR
8 OBLIGATIONS; DUTIES. (a) Except as and to the extent the company
9 agreement specifically provides otherwise, a member or manager
10 associated with a series or a member or manager of the company is
11 not liable for a debt, obligation, or liability of a series,
12 including a debt, obligation, or liability under a judgment,
13 decree, or court order.
14 (b) The company agreement may expand or restrict any duties,
15 including fiduciary duties, and related liabilities that a member,
16 manager, officer, or other person associated with a series has to:
17 ( 1) the series or the company;
18 j (2) a member or manager associated with the series; or
19 (3) a member or manager of the company.
20 ,Sec. 101.607. CLASS OR GROUP OF MEMBERS OR MANAGERS.
21 (a) The company agreement may:
22 (1) establish classes or groups of one or more members
23 or :managers associated with a series each of which has certain
24 express relative rights, powersr and duties, including voting
25 rights; and
26 (2) provide for the manner of establishing additional
27 classes or groups of one or more members or managers associated 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/m1/34/: accessed November 25, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.