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Texas Business Organizations Code - Section 301.008. Duties And Powers Of Owner Or Managerial Official Who Ceases To Be Licensed; Purchase Of Ownership Interest

Legal Research Home > Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 301.008. Duties And Powers Of Owner Or Managerial Official Who Ceases To Be Licensed; Purchase Of Ownership Interest 


§ 301.008. DUTIES AND POWERS OF OWNER OR MANAGERIAL 
OFFICIAL WHO CEASES TO BE LICENSED;  PURCHASE OF OWNERSHIP 
INTEREST.  (a) A managerial official of a professional entity who 
ceases to satisfy the requirements of Section 301.007 shall 
promptly resign the person's position and employment with the 
entity.
	(b)  An owner of a professional entity who ceases to be an 
authorized person as required by Section 301.007 shall promptly 
relinquish the person's ownership interest in the entity.
	(c)  A person who succeeds to the ownership interest of an 
owner shall promptly relinquish the person's financial interest in 
the entity if the person is not an authorized person as required by 
Section 301.007.
	(d)  A professional entity shall purchase or cause to be 
purchased the ownership interest in the entity of a person who is 
required to relinquish the person's financial interest in the 
entity under this section.  The price and terms of a purchase of an 
ownership interest required under this subsection may be provided 
by the governing documents of the entity or an applicable 
agreement.
	(e)  A person who owns all of the outstanding ownership 
interests in a professional entity but is required under this 
section to relinquish the person's financial interest in the entity 
may act as a managerial official or owner of the entity only for the 
purpose of winding up the affairs of the entity, including selling 
the outstanding ownership interests and other assets of the entity.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section:  Previous  301.001  301.002  301.003  301.004  301.005  301.006  301.007  301.008  301.009  301.010  301.011  301.012  302.001  302.002  302.003  Next

Last modified: August 11, 2007


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