Sec. 21.107. LIABILITY OF SHAREHOLDER. The existence of or a performance under a shareholders' agreement authorized by this subchapter is not a ground for imposing personal liability on a shareholder for an act or obligation of the corporation by disregarding the separate existence of the corporation or otherwise, even if the agreement or a performance under the agreement:
(1) treats the corporation as if the corporation were a partnership or in a manner that otherwise is appropriate only among partners;
(2) results in the corporation being considered a partnership for purposes of taxation; or
(3) results in failure to observe the corporate formalities otherwise applicable to the matters governed by the agreement.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter C. Shareholders' Agreements
Section 21.101. Shareholders' Agreement
Section 21.102. Term of Agreement
Section 21.103. Disclosure of Agreement; Recall of Certain Certificates
Section 21.104. Effect of Shareholders' Agreement
Section 21.105. Right of Rescission; Knowledge of Purchaser of Shares
Section 21.106. Agreement Limiting Authority of and Supplanting Board of Directors; Liability
Section 21.107. Liability of Shareholder
Section 21.108. Persons Acting in Place of Shareholders