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Texas Business Organizations Code - Section 101.154. Consent Required To Release Enforceable Obligation

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.154. Consent Required To Release Enforceable Obligation

§ 101.154. CONSENT REQUIRED TO RELEASE ENFORCEABLE 
OBLIGATION.  The obligation of a member of a limited liability 
company, or of the member's legal representative or successor, to 
make a contribution or otherwise pay cash or transfer property to 
the company, or to return cash or property to the company paid or 
distributed to the member in violation of this code or the company 
agreement, may be released or settled only by consent of each member 
of the company.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007