Sec. 23.063. WITHDRAWAL OF MEMBER. (a) On written notice to the corporation's board of directors, a member may withdraw from a corporation on the date stated in the notice. The date of a member's withdrawal must be at least six months after the date notice is given under this subsection.
(b) A member is not obligated to make a loan to the corporation pursuant to a call made after the date of the member's withdrawal from the corporation, but a member shall fulfill any obligation that has accrued or for which a commitment has been made before the withdrawal date.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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