Texas Business Organizations Code 21.759 – Rights and Powers of Provisional Director
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Business Organizations Code 21.759
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Close corporation: means a for-profit corporation that elects to be governed as a close corporation in accordance with Subchapter Texas Business Organizations Code 1.002
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
A provisional director has all the rights and powers of an elected director of the close corporation, or the rights of vote or consent of a shareholder and other rights and powers of shareholders or other persons who have been empowered to manage the business and affairs of the close corporation under a shareholders’ agreement with the voting power provided by court order, including the right to notice of, and to vote at, meetings of directors or shareholders.