Tex. Bus. Org. Code § 22.505

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 22.505 - Approval of Ratified Defective Corporate Act By Members With Voting Rights Required; Exception

If the corporation has members with voting rights, each defective corporate act ratified under Section 22.503(a) must be submitted to such members of the corporation for approval as provided by Sections 22.506 and 22.507, unless no other provision of the corporate statute, no provision of the corporation's governing documents, and no provision of any plan or agreement to which the corporation is a party would have required approval by such members of:

(1) the defective corporate act to be ratified at the time of that defective corporate act; or

(2) the type of defective corporate act to be ratified at the time the board of directors adopts the resolutions ratifying that defective corporate act under Section 22.503.

Tex. Bus. Org. Code § 22.505

Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 664,Sec. 1, eff. 9/1/2019.