81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 35 of 64
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S.B. No. 1442
1 the series each of which has certain express rights, powers, and
2 duties. including providing for voting rights and rights, powers,
3 and duties senior to existing classes and groups of members or
4 managers associated with the series.
5 (b) The company agreement may provide for the taking of an
6 action, including the amendment of the company agreement, without
7 the vote or approval of any member or manager or class or group of
8 members or managers, to create under the provisions of the company
9 agreement a class or group of the series of membership interests
10 that was not previously outstanding.
11 (c) The company agreement may provide that:
12 (1) all or certain identified members or managers or a
13 specified class or group of the members or managers associated with
14 a series have the right to vote on any matter separately or with all
15 or any class or group of the members or managers associated with the
17 (2) any member or class or group of members associated
18 with a series has no voting rights; and
19 (3) voting by members or managers associated with a
20 series is on a per capita, number, financial interest, class,
21 group,' or any other basis.
22 Sec. 101.608. GOVERNING AUTHORITY. (a' Notwithstanding
23 any. conflicting provision of the certificate of formation of a
24 limited liability company, the governing authority of a series
25 consists of the managers or members associated with the series as
26 provided in the company agreement.
27 (b) If the company agreement does not provide for the
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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/m1/35/: accessed October 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.