Texas Business Organizations Code - Section 22.224. Delegation Of Investment Authority
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§ 22.224. DELEGATION OF INVESTMENT AUTHORITY. (a) The
board of directors of a corporation may:
(1) contract with an advisor who is an investment
counsel or a trust company, bank, investment advisor, or investment
manager; and
(2) confer on that advisor the authority to:
(A) purchase or otherwise acquire a stock, bond,
security, or other investment on behalf of the corporation; and
(B) sell, transfer, or otherwise dispose of an
asset or property of the corporation at a time and for a
consideration the advisor considers appropriate.
(b) The board of directors may:
(1) confer on an advisor described by Subsection (a)
other powers regarding the corporation's investments as the board
considers appropriate; and
(2) authorize the advisor to hold title to an asset or
property of the corporation, in the advisor's own name or in the
name of a nominee, for the benefit of the corporation.
(c) The board of directors is not liable for an action taken
or not taken by an advisor under this section if the board acted in
good faith and with ordinary care in selecting the advisor. The
board of directors may remove or replace the advisor, with or
without cause, if the board considers that action appropriate or
necessary.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 22.217 22.218 22.219 22.220 22.221 22.222 22.223 22.224 22.225 22.226 22.227 22.228 22.229 22.230 22.231
Last modified: August 11, 2007
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