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Texas Business Organizations Code - Section 153.004. Nonwaivable Title 1 Provisions

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.004. Nonwaivable Title 1 Provisions

§ 153.004. NONWAIVABLE TITLE 1 PROVISIONS.  (a) Except as 
provided by this section, the following provisions of Title 1 may 
not be waived or modified in the partnership agreement of a limited 
partnership:
		(1)  Chapter 1, if the provision is used to interpret a 
provision or define a word or phrase contained in a section listed 
in this subsection;
		(2)  Chapter 2, other than Section 2.104(c)(2), 
2.104(c)(3), or 2.113;      
		(3)  Chapter 3, other than Subchapters C and E of that 
chapter and Section 3.151 (provided, that in all events a 
partnership agreement may not validly waive or modify Sections 
153.551 and 153.552);  or
		(4)  Chapter 4, 5, 10, 11, or 12, other than Section 
11.058.                
	(b)  A provision listed in Subsection (a) may be waived or 
modified in the partnership agreement if the provision that is 
waived or modified authorizes the limited partnership to waive or 
modify the provision in the limited partnership's governing 
documents.
	(c)  A provision listed in Subsection (a) may be modified in 
the partnership agreement if the provision that is modified 
specifies:
		(1)  the person or group of persons who are entitled to 
approve a modification;  or
		(2)  the vote or other method by which a modification is 
required to be approved.

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

Last modified: August 11, 2007