Texas Business Organizations Code - Section 101.452. Standing To Bring Proceeding
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.452. Standing To Bring Proceeding
§ 101.452. STANDING TO BRING PROCEEDING. A member may
not institute or maintain a derivative proceeding unless:
(1) the member:
(A) was a member of the limited liability company
at the time of the act or omission complained of; or
(B) became a member by operation of law from a
person that was a member at the time of the act or omission
complained of; and
(2) the member fairly and adequately represents the
interests of the limited liability company in enforcing the right
of the limited liability company.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 101.356 101.357 101.358 101.359 101.401 101.402 101.451 101.452 101.453 101.454 101.455 101.456 101.457 101.458 101.459
Last modified: August 11, 2007
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