81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 51 of 64
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S.B. No. 1442
1 partnership agreement that would otherwise be ineffective under
2 Section 9.406 or 9.408, Business & Commerce Code.
3 SECTION 58. Subsection (b), Section 200.317, Business
4 Organizations Code, is amended to read as follows:
5 (b) An otherwise valid contract or transaction described by
6 Subsection (a) is valid notwithstanding that the [,] trust manager
7 or officer having the relationship or interest described by
8 Subsection (a) [of te-tunt) is present at or participates in the
9 meeting of the trust managers or of a committee of the trust
10 managers that authorizes the contract or transaction, or votes or
11 signs, in the person's capacity as a trust manager or committee
12 member, a unanimous written consent et trust managers or committee
13 members to authorize the contract or transaction, if:
14 (1) the material facts as to the relationship or
15 interest described by Subsection (a) and as to the contract or
16 transaction are disclosed to or known by:
17 (A) the trust managers or a committee of the
18 trust managers, and the trust managers or committee of the trust
19 managers in good faith authorize the contract or transaction by the
20 approval [affirm.ti--o ez] of the majority of disinterested trust
21 managers or committee members, regardless of whether the
22 disinterested trust managers or committee members constitute a
23 quorum; or
24 (B) the shareholders entitled to vote on the
25 authorization of the contract or transaction, and the contract or
26 transaction is specifically approved in good faith by a vote of the
27 shareholders; or
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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/m1/51/: accessed May 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.