Texas Business Organizations Code - Section 3.102. Rights Of Governing Persons In Certain Cases
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§ 3.102. RIGHTS OF GOVERNING PERSONS IN CERTAIN
CASES. (a) In discharging a duty or exercising a power, a
governing person, including a governing person who is a member of a
committee, may, in good faith and with ordinary care, rely on
information, opinions, reports, or statements, including financial
statements and other financial data, concerning a domestic entity
or another person and prepared or presented by:
(1) an officer or employee of the entity;
(2) legal counsel;
(3) a certified public accountant;
(4) an investment banker;
(5) a person who the governing person reasonably
believes possesses professional expertise in the matter; or
(6) a committee of the governing authority of which
the governing person is not a member.
(b) A governing person may not in good faith rely on the
information described by Subsection (a) if the governing person has
knowledge of a matter that makes the reliance unwarranted.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 3.058 3.059 3.060 3.061 3.062 3.063 3.101 3.102 3.103 3.104 3.105 3.151 3.152 3.153 3.201
Last modified: August 11, 2007
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