Bill Text: TX HB521 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the applicability of certain laws governing corporations to limited liability companies.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-04-19 - Laid on the table subject to call [HB521 Detail]

Download: Texas-2011-HB521-Introduced.html
  82R3886 CLG-F
 
  By: Elkins H.B. No. 521
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the applicability of certain laws governing
  corporations to limited liability companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 101, Business
  Organizations Code, is amended by adding Section 101.002 to read as
  follows:
         Sec. 101.002.  APPLICABILITY OF OTHER LAWS. (a) Subject to
  Section 101.114, Sections 21.223, 21.224, 21.225, and 21.226 apply
  to a limited liability company and the company's members, owners,
  assignees, affiliates, and subscribers.
         (b)  For purposes of the application of Subsection (a):
               (1)  a reference to "shares" includes "membership
  interests";
               (2)  a reference to "holder," "owner," or "shareholder"
  includes a "member" and an "assignee";
               (3)  a reference to "corporation" or "corporate"
  includes a "limited liability company";
               (4)  a reference to "directors" includes "managers" of
  a manager-managed limited liability company and "members" of a
  member-managed limited liability company;
               (5)  a reference to "bylaws" includes "company
  agreement"; and
               (6)  the reference to "Sections 21.157-21.162" in
  Section 21.223(a)(1) refers to the provisions of Subchapter D of
  this chapter.
         SECTION 2.  This Act takes effect September 1, 2011.
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