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Texas Business Organizations Code - Section 101.402. Permissive Indemnification, Advancement Of Expenses, And Insurance Or Other Arrangements

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.402. Permissive Indemnification, Advancement Of Expenses, And Insurance Or Other Arrangements

§ 101.402. PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF 
EXPENSES, AND INSURANCE OR OTHER ARRANGEMENTS.  (a) A limited 
liability company may:
		(1)  indemnify a person;                                                      
		(2)  pay in advance or reimburse expenses incurred by a 
person;  and        
		(3)  purchase or procure or establish and maintain 
insurance or another arrangement to indemnify or hold harmless a 
person.
	(b)  In this section, "person" includes a member, manager, or 
officer of a limited liability company or an assignee of a 
membership interest in the company.

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

Last modified: August 11, 2007