Sec. 1304.0035. CONTROLLING PERSON. (a) In this chapter, "controlling person" means an individual who:
(1) possesses direct or indirect control of at least 25 percent of the voting securities of a corporation;
(2) possesses the authority to set policy and direct the management of a business entity;
(3) is the president, the secretary, or a director of a corporation; or
(4) is a general partner of a partnership.
(b) An individual who is a controlling person of a corporation or other business entity that is the general partner of a limited partnership is a controlling person of the limited partnership.
Added by Acts 2005, 79th Leg., Ch. 63 (H.B. 1286), Sec. 3, eff. January 1, 2006.
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