Texas Business Organizations Code 22.151 – Members
Current as of: 2024 | Check for updates
|
Other versions
(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.
Terms Used In Texas Business Organizations Code 22.151
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
(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.