Sec. 183.211. APPLICATION OF OTHER PROVISIONS TO LIMITED TRUST ASSOCIATIONS. For purposes of applying the provisions of this subtitle other than this subchapter to a limited trust association, as the context requires:
(1) a manager and the board of managers are considered to be a director and the board of directors;
(2) if there is not a board of managers, a participant is considered to be a director and all of the participants are considered to be the board of directors;
(3) a participant or participant-transferee is considered to be a shareholder;
(4) a participation share is considered to be a share of stock; and
(5) a distribution is considered to be a dividend.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
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