Texas Business Organizations Code 101.605 – General Powers of Protected Series or Registered Series
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Terms Used In Texas Business Organizations Code 101.605
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Associate: when used to indicate a relationship with a person, means:
(A) a domestic or foreign entity or organization for which the person:
(i) is an officer or governing person; or
(ii) beneficially owns, directly or indirectly, either individually or through an affiliate, 10 percent or more of a class of voting ownership interests or similar securities of the entity or organization;
(B) a trust or estate in which the person has a substantial beneficial interest or for which the person serves as trustee or in a similar fiduciary capacity;
(C) the person's spouse or a relative of the person related by consanguinity or affinity who resides with the person; or
(D) a governing person or an affiliate or officer of the person. See Texas Business Organizations Code 1.002 - Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Contract: A legal written agreement that becomes binding when signed.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Manager: means a person designated as a manager of a limited liability company that is not managed by members of the company. See Texas Business Organizations Code 1.002
- Member: means :
(A) in the case of a limited liability company, a person who has become, and has not ceased to be, a member in the limited liability company as provided by its governing documents or this code;
(B) in the case of a nonprofit corporation, a person who has membership rights in the nonprofit corporation under its governing documents;
(C) in the case of a cooperative association, a member of a nonshare or share association;
(D) in the case of a nonprofit association, a person who has membership rights in the nonprofit association under its governing documents; or
(E) in the case of a professional association, a person who has membership rights in the professional association under its governing documents. See Texas Business Organizations Code 1.002 - Organization: means a corporation, limited or general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, bank, insurance company, credit union, savings and loan association, or other organization, regardless of whether the organization is for-profit, nonprofit, domestic, or foreign. See Texas Business Organizations Code 1.002
- Partner: means a limited partner or general partner. See Texas Business Organizations Code 1.002
- Personal property: All property that is not real property.
- Protected series: means a series of a domestic limited liability company that is established as a protected series in accordance with § 101. See Texas Business Organizations Code 1.002
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Registered series: means a series of a domestic limited liability company that is formed as a registered series in accordance with § 101. See Texas Business Organizations Code 1.002
A protected series or registered series established under this subchapter has the power and capacity, in the name of the protected series or registered series, to:
(1) sue and be sued;
(2) contract;
(3) acquire, sell, and hold title to assets of the protected series or registered series, including real property, personal property, and intangible property;
(4) grant liens and security interests in assets of the protected series or registered series;
(5) be a promoter, organizer, partner, owner, member, associate, or manager of an organization; and
(6) exercise any power or privilege as necessary or appropriate to the conduct, promotion, or attainment of the business, purposes, or activities of the protected series or registered series.