Sec. 200.316. OFFICERS. (a) An officer of a real estate investment trust designated by the trust managers under Section 3.103 may exercise all of the powers of a trust manager relating to the business and affairs of the real estate investment trust, unless action by the trust managers is specified by this code or another applicable law.
(b) A designation of or delegation of authority to an officer of a real estate investment trust described by this section does not relieve a trust manager of responsibility imposed by law.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 5 - Real Estate Investment Trusts
Chapter 200 - Real Estate Investment Trusts
Section 200.301. Management by Trust Managers
Section 200.302. Designation of Trust Managers
Section 200.303. Trust Manager Eligibility Requirements
Section 200.304. Number of Trust Managers
Section 200.306. Term of Trust Manager
Section 200.307. Staggered Terms of Trust Managers
Section 200.309. Notice of Meeting
Section 200.311. Committees of Trust Managers
Section 200.312. Liability of Trust Managers
Section 200.313. Statute of Limitations on Certain Action Against Trust Managers
Section 200.314. Immunity From Liability for Performance of Duty
Section 200.315. Right of Contribution
Section 200.317. Contracts or Transactions Involving Interested Trust Managers and Officers