TITLE: Relating to the applicability of certain laws governing corporations to limited liability companies.

SUMMARY: Relating to the applicability of certain laws governing corporations to limited liability companies.

FULL TEXT:
AN ACT relating to the applicability of certain laws governing corporations to limited liability companies. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter A, Chapter 101, Business Organizations Code, is amended by adding Section 101.002 to read as follows: Sec. 101.002. APPLICABILITY OF OTHER LAWS. (a) Subject to Section 101.114, Sections 21.223, 21.224, 21.225, and 21.226 apply to a limited liability company and the company's members, owners, assignees, affiliates, and subscribers. (b) For purposes of the application of Subsection (a): (1) a reference to "shares" includes "membership interests"; (2) a reference to "holder," "owner," or "shareholder" includes a "member" and an "assignee"; (3) a reference to "corporation" or "corporate" includes a "limited liability company"; (4) a reference to "directors" includes "managers" of a manager-managed limited liability company and "members" of a member-managed limited liability company; (5) a reference to "bylaws" includes "company agreement"; and (6) the reference to "Sections 21.157-21.162" in Section 21.223(a)(1) refers to the provisions of Subchapter Dof this chapter. SECTION 2. This Act takes effect September 1, 2011.