Texas Business Organizations Code - Section 101.104. Classes Or Groups Of Members Or Membership Interests
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§ 101.104. CLASSES OR GROUPS OF MEMBERS OR MEMBERSHIP
INTERESTS. (a) The company agreement of a limited liability
company may:
(1) establish within the company classes or groups of
one or more members or membership interests each of which has
certain expressed relative rights, powers, and duties, including
voting rights; and
(2) provide for the manner of establishing within the
company additional classes or groups of one or more members or
membership interests each of which has certain expressed relative
rights, powers, and duties, including voting rights.
(b) The rights, powers, and duties of a class or group of
members or membership interests described by Subsection (a)(2) may
be stated in the company agreement or stated at the time the class
or group is established.
(c) If the company agreement of a limited liability company
does not provide for the manner of establishing classes or groups of
members or membership interests under Subsection (a)(2),
additional classes or groups of members or membership interests may
be established only by the adoption of an amendment to the company
agreement.
(d) The rights, powers, or duties of any class or group of
members or membership interests of a limited liability company may
be senior to the rights, powers, or duties of any other class or
group of members or membership interests in the company, including
a previously established class or group.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 101.051 101.052 101.053 101.054 101.101 101.102 101.103 101.104 101.105 101.106 101.107 101.108 101.109 101.110 101.111
Last modified: August 11, 2007
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