Texas Business Organizations Code - Section 21.106. Agreement Limiting Authority Of And Supplanting Board Of Directors; Liability
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§ 21.106. AGREEMENT LIMITING AUTHORITY OF AND SUPPLANTING
BOARD OF DIRECTORS; LIABILITY. (a) A shareholders' agreement
authorized by this subchapter that limits the discretion or powers
of the board of directors or supplants the board of directors
relieves the directors of, and imposes on a person in whom the
discretion or powers of the board of directors or the management of
the business and affairs of the corporation is vested, liability
for an act or omission of the person in accordance with Subsection
(b).
(b) A person on whom liability for an act or omission is
imposed under this section is liable in the same manner and to the
same extent as a director on whom liability for an act or omission
is imposed by this code or other law.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.058 21.059 21.101 21.102 21.103 21.104 21.105 21.106 21.107 21.108 21.109 21.151 21.152 21.153 21.154
Last modified: August 11, 2007
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