Tex. Bus. Org. Code § 22.151

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

Section 22.151 - Members

(a) A corporation may have one or more classes of members or may have no members.

(b) If the corporation has one or more classes of members, the corporation's certificate of formation or bylaws must include:

(1) a designation of each class;

(2) the manner of the election or appointment of the members of each class; and

(3) the qualifications and rights of the members of each class.

(c) A corporation may issue a certificate, card, or other instrument evidencing membership rights, voting rights, or ownership rights as authorized by the certificate of formation or bylaws.

Tex. Bus. Org. Code § 22.151

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.