Bill Text: TX SB1568 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Relating to shareholder standing after a merger.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-05-19 - Effective on 9/1/11 [SB1568 Detail]
Download: Texas-2011-SB1568-Enrolled.html
S.B. No. 1568 |
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relating to shareholder standing after a merger. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 21.552, Business Organizations Code, is | ||
amended to read as follows: | ||
Sec. 21.552. STANDING TO BRING PROCEEDING. [ |
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shareholder may not institute or maintain a derivative proceeding | ||
unless: | ||
(1) the shareholder: | ||
(A) was a shareholder of the corporation at the | ||
time of the act or omission complained of; or | ||
(B) became a shareholder by operation of law from | ||
a person that was a shareholder at the time of the act or omission | ||
complained of; and | ||
(2) the shareholder fairly and adequately represents | ||
the interests of the corporation in enforcing the right of the | ||
corporation. | ||
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SECTION 2. This Act takes effect September 1, 2011. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 1568 passed the Senate on | ||
April 18, 2011, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 1568 passed the House on | ||
May 5, 2011, by the following vote: Yeas 143, Nays 0, two present | ||
not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |