Sec. 23.058. ELECTION OR APPOINTMENT OF DIRECTORS. (a) The organizers of a corporation shall name the directors constituting the initial board of directors of the corporation. Directors other than the initial directors shall be elected at each annual meeting of the corporation. If an annual meeting is not held at the time designated by the bylaws of the corporation, the directors shall be elected at a special meeting held in lieu of the annual meeting.
(b) At an annual meeting or special meeting held in lieu of the annual meeting, the members of the corporation shall elect two-thirds of the directors, and the shareholders of the corporation shall elect the remaining directors.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 95, eff. September 1, 2007.
Structure Texas Statutes
Chapter 23 - Special-Purpose Corporations
Subchapter B. Business Development Corporations
Section 23.056. Certificate of Formation
Section 23.057. Management by Board of Directors; Number of Directors
Section 23.058. Election or Appointment of Directors
Section 23.059. Term of Office; Vacancy
Section 23.061. Participation as Owner
Section 23.062. Financial Institution as Member of Corporation
Section 23.063. Withdrawal of Member
Section 23.064. Powers of Shareholders and Members
Section 23.065. Voting by Shareholder or Member
Section 23.066. Loan to Corporation
Section 23.067. Prohibited Loan
Section 23.071. Annual Report; Provision of Required Information