Sec. 8506.055. VOTING REQUIREMENT. (a) Except as provided by this chapter or the bylaws, action may be taken by the affirmative vote of a majority of the directors present at a meeting.
(b) The following are valid only if authorized or ratified by the affirmative vote of at least five directors:
(1) a contract that involves an amount greater than $10,000 or has a duration of more than one year;
(2) a bond, note, or other evidence of indebtedness; or
(3) an amendment of the bylaws.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016