Texas Business Organizations Code - Section 101.103. Effective Date Of Membership
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.103. Effective Date Of Membership
§ 101.103. EFFECTIVE DATE OF MEMBERSHIP. (a) In
connection with the formation of a company, a person becomes a
member of the company on the date the company is formed if the
person is named as an initial member in the company's certificate of
formation.
(b) In connection with the formation of a company, a person
being admitted as a member of the company but not named as an
initial member in the company's certificate of formation becomes a
member of the company on the latest of:
(1) the date the company is formed;
(2) the date stated in the company's records as the
date the person becomes a member of the company; or
(3) if the company's records do not state a date
described by Subdivision (2), the date the person's admission to
the company is first reflected in the company's records.
(c) A person who, after the formation of a limited liability
company, acquires directly or is assigned a membership interest in
the company or is admitted as a member of the company without
acquiring a membership interest becomes a member of the company on
approval or consent of all of the company's members.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006. Amended by
Acts 2005, 79th Leg., ch. 64, § 72, eff. Jan. 1, 2006.
Section: 101.001 101.051 101.052 101.053 101.054 101.101 101.102 101.103 101.104 101.105 101.106 101.107 101.108 101.109 101.110
Last modified: August 11, 2007
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