reglab/housing_qa huggingface dataset:
TX Bus Orgs § 101.618 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.618. Revocation of Voluntary Winding Up

Text of section effective until June 01, 2022Sec. 101.618.  REVOCATION OF VOLUNTARY WINDING UP.  Before the termination of the series takes effect, a voluntary decision to wind up the series under Section 101.616(2)(C) or (D) may be revoked by:(1)  a majority vote of all of the members associated with the series approving the revocation or, if there is more than one class or group of members associated with the series, a majority vote of the members of each class or group of members associated with the series approving the revocation; or(2)  if the series has no members, a majority vote of all the managers associated with the series approving the revocation or, if there is more than one class or group of managers associated with the series, a majority vote of the managers of each class or group of managers associated with the series approving the revocation.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.619 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.619. Cancellation of Event Requiring Winding Up

Text of section effective until June 01, 2022Sec. 101.619.  CANCELLATION OF EVENT REQUIRING WINDING UP.  (a)  Unless the cancellation is prohibited by the company agreement, an event requiring winding up of the series under Section 101.616(1) or (2) may be canceled by the consent of all of the members of the series before the termination of the series takes effect.(b)  In connection with the cancellation, the members must amend the company agreement to:(1)  eliminate or extend the time specified for the series if the event requiring winding up of the series occurred under Section 101.616(1); or(2)  eliminate or revise the event specified with respect to the series if the event requiring winding up of the series occurred under Section 101.616(2).|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.620 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.620. Continuation of Business

Text of section effective until June 01, 2022Sec. 101.620.  CONTINUATION OF BUSINESS.  The series may continue its business following the revocation under Section 101.618 or the cancellation under Section 101.619.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.621 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.621. Winding Up by Court Order

Text of section effective until June 01, 2022Sec. 101.621.  WINDING UP BY COURT ORDER.  A district court in the county in which the registered office or principal place of business in this state of a domestic limited liability company is located, on application by or for a member associated with the series, has jurisdiction to order the winding up and termination of a series if the court determines that:(1)  it is not reasonably practicable to carry on the business of the series in conformity with the company agreement;(2)  the economic purpose of the series is likely to be unreasonably frustrated; or(3)  another member associated with the series has engaged in conduct relating to the series' business that makes it not reasonably practicable to carry on the business with that member.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2019, 86th Leg., R.S., Ch. 658 (S.B. 1859), Sec. 11, eff. September 1, 2019.Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.622 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.622. Series Not a Separate Domestic Entity or Organization

Text of section effective until June 01, 2022Sec. 101.622.  SERIES NOT A SEPARATE DOMESTIC ENTITY OR ORGANIZATION.  For purposes of this chapter and Title 1, a series has the rights, powers, and duties provided by this subchapter to the series but is not a separate domestic entity or organization.|Added by Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 9, eff. September 1, 2013.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.601 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.601. Series of Members, Managers, Membership Interests, or Assets

Text of section effective on June 01, 2022Sec. 101.601.  SERIES OF MEMBERS, MANAGERS, MEMBERSHIP INTERESTS, OR ASSETS.  (a)  A company agreement may establish or provide for the establishment of one or more designated series of members, managers, membership interests, or assets that:(1)  has separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations; or(2)  has a separate business purpose or investment objective.(b)  A series established in accordance with Subsection (a) or a protected series or registered series established in accordance with Section 101.602 may carry on any business, purpose, or activity, whether or not for profit, that is not prohibited by Section 2.003.(c)  Nothing in this subchapter shall be construed to limit the freedom to contract to a series that is not a protected series or a registered series.  Except as otherwise provided by Sections 101.627 through 101.636, a series may not merge or convert.(d)  The provisions of the company agreement that govern a protected series or registered series may be amended by the approval of: (1)  each member associated with the protected series or registered series;(2)  the members of each other protected series and registered series if the amendment adversely affects those members; and(3)  the members of the limited liability company that are not associated with any protected series or registered series if the amendment adversely affects those members.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.603 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.603. Assets of Protected Series or Registered Series

Text of section effective on June 01, 2022Sec. 101.603.  ASSETS OF PROTECTED SERIES OR REGISTERED SERIES.  (a)  Assets associated with a protected series or registered series may be held directly or indirectly, including being held in the name of the protected series or registered series, in the name of the limited liability company, through a nominee, or otherwise.(b)  To the extent the records of a protected series or registered series are maintained in a manner so that the assets of the protected series or registered series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any assets, or by any other method in which the identity of the assets can be objectively determined, the records are considered to satisfy the requirements of Section 101.602(b)(1).(c)  In this subchapter, a reference to:(1)  "assets of a protected series" or "assets of a registered series" includes assets associated with that series;(2)  "assets associated with a protected series" or "assets associated with a registered series" includes assets of that series;(3)  "members or managers of a protected series" or "members or managers of a registered series" includes members or managers associated with that series; and(4)  "members or managers associated with a protected series" or "members or managers associated with a registered series" includes members or managers of that series.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.604 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.604. Notice of Limitation on Liabilities of Protected Series or Registered Series

Text of section effective on June 01, 2022Sec. 101.604.  NOTICE OF LIMITATION ON LIABILITIES OF PROTECTED SERIES OR REGISTERED SERIES.  (a) Notice of the limitation on liabilities of a protected series or registered series required by Section 101.602 that is contained in a certificate of formation filed with the secretary of state satisfies the requirements of Section 101.602(b)(3), regardless of whether:(1)  the limited liability company has established any protected series or registered series under this subchapter when the notice is contained in the certificate of formation;(2)  the notice makes a reference to a specific protected series or registered series of the limited liability company; and(3)  the notice:(A)  uses the term "protected" or "registered" when referencing the series; or (B)  includes a reference to Section 101.602.(b)  The fact that the certificate of formation filed with the secretary of state contains the notice of the limitation on liabilities of a protected series or registered series required by Section 101.602 is notice of that limitation on liabilities of a protected series or registered series.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.605 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.605. General Powers of Protected Series or Registered Series

Text of section effective on June 01, 2022Sec. 101.605.  GENERAL POWERS OF PROTECTED SERIES OR REGISTERED SERIES.  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.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 6, eff. September 1, 2013.Acts 2017, 85th Leg., R.S., Ch. 74 (S.B. 1517), Sec. 13, eff. September 1, 2017.Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.606 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.606. Liability of Member or Manager for Obligations; Duties

Text of section effective on June 01, 2022Sec. 101.606.  LIABILITY OF MEMBER OR MANAGER FOR OBLIGATIONS; DUTIES.  (a)  Except as and to the extent the company agreement specifically provides otherwise, a member or manager associated with a protected series or registered series or a member or manager of the company is not liable for a debt, obligation, or liability of a protected series or registered series, including a debt, obligation, or liability under a judgment, decree, or court order.(b)  Notwithstanding Subsection (a), a member or manager associated with a protected series or registered series or a member or manager of the company may agree to be obligated personally for any or all of the debts, obligations, and liabilities of one or more protected series or registered series under the company agreement or another agreement.(c)  The company agreement may expand or restrict any duties, including fiduciary duties, and related liabilities that a member, manager, officer, or other person associated with a protected series or registered series has to:(1)  the protected series or registered series or the company;(2)  a member or manager associated with the protected series or registered series; or(3)  a member or manager of the company.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.607 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.607. Class or Group of Members or Managers

Text of section effective on June 01, 2022Sec. 101.607.  CLASS OR GROUP OF MEMBERS OR MANAGERS.  (a)  The company agreement may:(1)  establish classes or groups of one or more members or managers associated with a protected series or registered series each of which has certain express relative rights, powers, and duties, including voting rights; and(2)  provide for the manner of establishing additional classes or groups of one or more members or managers associated with the protected series or registered series each of which has certain express rights, powers, and duties, including providing for voting rights and rights, powers, and duties senior to existing classes and groups of members or managers associated with the protected series or registered series.(b)  The company agreement may provide for the taking of an action without the vote or approval of any member or manager or class or group of members or managers, including the amendment of the company agreement or an action to create under the provisions of the company agreement a class or group of the protected series or registered series of membership interests that was not previously outstanding.(c)  The company agreement may provide that:(1)  all or certain identified members or managers or a specified class or group of the members or managers associated with a protected series or registered series have the right to vote on any matter separately or with all or any class or group of the members or managers associated with the protected series or registered series;(2)  any member or class or group of members associated with a protected series or registered series has no voting rights; and(3)  voting by members or managers associated with a protected series or registered series is on a per capita, number, financial interest, class, group, or any other basis.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.608 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.608. Governing Authority

Text of section effective on June 01, 2022Sec. 101.608.  GOVERNING AUTHORITY.  (a)  Notwithstanding any conflicting provision of the certificate of formation of a limited liability company or the certificate of registered series, the governing authority of a protected series or registered series consists of the managers or members associated with the protected series or registered series as provided in the company agreement.(b)  If the company agreement does not provide for the governing authority of the protected series or registered series, the governing authority of the protected series or registered series consists of:(1)  the managers associated with the protected series or registered series, if the company's certificate of formation states that the company has one or more managers; or(2)  the members associated with the protected series or registered series, if the company's certificate of formation does not provide that the company has managers.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.609 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.609. Applicability of Other Provisions of Chapter or Title 1; Synonymous Terms

Text of section effective on June 01, 2022Sec. 101.609.  APPLICABILITY OF OTHER PROVISIONS OF CHAPTER OR TITLE 1; SYNONYMOUS TERMS.  (a)  To the extent not inconsistent with this subchapter, this chapter applies to a protected series or registered series and its associated members and managers.(b)  For purposes of the application of any other provision of this chapter to a provision of this subchapter, and as the context requires:(1)  a reference to "limited liability company" or "company" means the "protected series" or "registered series";(2)  a reference to "member" means "member associated with the protected series" or "member associated with the registered series"; and(3)  a reference to "manager" means "manager associated with the protected series" or "manager associated with the registered series."(c)  To the extent not inconsistent with this subchapter, a protected series or registered series and the governing persons and officers associated with the protected series or registered series have the powers and rights provided by Subchapters C and D, Chapter 3, and Subchapter F, Chapter 10.  For purposes of those provisions, and as the context requires:(1)  a reference to "entity," "domestic entity," or "filing entity" includes the "protected series" or "registered series";(2)  a reference to "governing person" includes  "governing person associated with the protected series" or "governing person associated with the registered series";(3)  a reference to "governing authority" includes  "governing authority associated with the protected series" or "governing authority associated with the registered series"; and(4)  a reference to "officer" includes "officer associated with the protected series" or "officer associated with the registered series."|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 8, eff. September 1, 2013.Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.610 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.610. Effect of Certain Event on Manager or Member

Text of section effective on June 01, 2022Sec. 101.610.  EFFECT OF CERTAIN EVENT ON MANAGER OR MEMBER.  (a)  An event that under this chapter or the company agreement causes a manager to cease to be a manager with respect to a protected series or registered series does not, in and of itself, cause the manager to cease to be a manager of the limited liability company or with respect to any other protected series or registered series of the company.(b)  An event that under this chapter or the company agreement causes a member to cease to be associated with a protected series or registered series does not, in and of itself, cause the member to cease to be associated with any other protected series or registered series or terminate the continued membership of a member in the limited liability company or require the winding up of the protected series or registered series, regardless of whether the member was the last remaining member associated with the protected series or registered series.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.611 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.611. Member Status With Respect to Distribution

Text of section effective on June 01, 2022Sec. 101.611.  MEMBER STATUS WITH RESPECT TO DISTRIBUTION.  (a)  Subject to Sections 101.613, 101.617, 101.618, 101.619, and 101.620, when a member associated with a protected series or registered series established under this subchapter is entitled to receive a distribution with respect to the protected series or registered series, the member, with respect to the distribution, has the same status as a creditor of the protected series or registered series and is entitled to any remedy available to a creditor of the protected series or registered series.(b)  Section 101.206 does not apply to a distribution with respect to the protected series or registered series.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 40, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.612 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.612. Record Date for Allocations and Distributions

Text of section effective on June 01, 2022Sec. 101.612.  RECORD DATE FOR ALLOCATIONS AND DISTRIBUTIONS.  A company agreement may establish or provide for the establishment of a record date for allocations and distributions with respect to a protected series or registered series.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|
TX Bus Orgs § 101.614 (2021)
2021 Texas Statutes|Business Organizations Code|Title 3 - Limited Liability Companies|Chapter 101 - Limited Liability Companies|Subchapter M. Series Limited Liability Company|Section 101.614. Authority to Wind Up and Terminate Protected Series or Registered Series

Text of section effective on June 01, 2022Sec. 101.614.  AUTHORITY TO WIND UP AND TERMINATE PROTECTED SERIES OR REGISTERED SERIES.  Except to the extent otherwise provided in the company agreement and subject to Sections 101.617, 101.618, 101.619, and 101.620, a protected series or registered series and its business and affairs may be wound up and terminated without causing the winding up of the limited liability company.|Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 45, eff. September 1, 2009.Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523), Sec. 1, eff. June 1, 2022.|