(a) In this section, “private investment fund,” “reinvestment,” and “restricted securities” have the meanings assigned by § 552.143, Government Code.
(b) The board of directors may conduct a closed meeting in accordance with Subchapter E, Chapter 551, Government Code, to deliberate or confer with one or more employees, consultants, or legal counsel of the corporation or with a third party if the only purpose of the meeting is to receive information from or question the employees, consultants, or legal counsel or third party relating to:
(1) investment transactions or potential investment transactions if, before conducting the closed meeting, a majority of the board of directors in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the corporation’s position in negotiations with third parties or put the corporation at a competitive disadvantage in the market;
(2) the purchase, holding, or disposal of restricted securities or a private investment fund’s investment in restricted securities if, under § 552.143, Government Code, the information discussed would be confidential and excepted from the requirements of § 552.021, Government Code, if the information were included in the records of a governmental body; or
(3) a procurement proposed to be awarded by the board of directors if, before conducting the closed meeting, a majority of the board of directors in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the corporation’s position in negotiations with third parties.

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