Sec. 101.251. GOVERNING AUTHORITY. (a) The governing authority of a limited liability company consists of:
(1) the managers of the company, if the company agreement provides that the company is managed by one or more managers; or
(2) the members of the company, if the company agreement provides that the company is managed by the members.
(b) If the company agreement does not provide otherwise, the governing authority of a limited liability company consists of:
(1) the managers of the company, if the company's certificate of formation states that the company has managers; or
(2) the members of the company, if the company's certificate of formation does not state that the company has managers.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 28, eff. September 1, 2021.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Section 101.251. Governing Authority
Section 101.252. Management by Governing Authority
Section 101.253. Designation of Committees; Delegation of Authority
Section 101.254. Designation of Agents; Binding Acts
Section 101.255. Contracts or Transactions Involving Interested Governing Persons or Officers