Sec. 303.002. AUTHORITY AND LIABILITY OF SHAREHOLDER. (a) A shareholder of a professional corporation is not required to supervise the performance of duties by an officer or employee of the corporation.
(b) A shareholder of a professional corporation is subject to no greater liability than a shareholder of a for-profit corporation.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 7 - Professional Entities
Chapter 303 - Provisions Relating to Professional Corporations
Section 303.001. Applicability of Certain Provisions Governing For-Profit Corporations
Section 303.002. Authority and Liability of Shareholder
Section 303.003. Notice of Restriction on Transfer of Shares
Section 303.004. Redemption of Shares; Price and Terms
Section 303.005. Existence of Professional Corporation Before Winding Up and Termination