Sec. 101.055. IRREVOCABLE POWER OF ATTORNEY. (a) This section applies only to:
(1) a power of attorney with respect to matters relating to the organization, internal affairs, or termination of a limited liability company; or
(2) a power of attorney granted by:
(A) a person as a member of or assignee of a membership interest in a limited liability company; or
(B) a person seeking to become a member of or assignee of a membership interest in a limited liability company.
(b) A power of attorney is irrevocable for all purposes if the power of attorney:
(1) is coupled with an interest sufficient in law to support an irrevocable power; and
(2) states that it is irrevocable.
(c) Unless otherwise provided in the power of attorney, an irrevocable power of attorney created under this section is not affected by the subsequent death, disability, incapacity, winding up, dissolution, termination of existence, or bankruptcy of, or any other event concerning, the principal.
(d) A power of attorney granted to the limited liability company, a member of the company, or any of their respective officers, directors, managers, members, partners, trustees, employees, or agents is conclusively presumed to be coupled with an interest sufficient in law to support an irrevocable power.
Added by Acts 2015, 84th Leg., R.S., Ch. 23 (S.B. 859), Sec. 2, eff. September 1, 2015.
Last modified: September 28, 2016