Texas § BO.101.607 - CLASS OR GROUP OF MEMBERS OR MANAGERS

§ BO.101.607. CLASS OR GROUP OF MEMBERS OR MANAGERS

CLASS OR GROUP OF MEMBERS OR MANAGERS. (a) The company agreement may: (1) establish classes or groups of one or more members or managers associated with a protected series or registered series each of which has certain express relative rights, powers, and duties, including voting rights; and (2) provide for the manner of establishing additional classes or groups of one or more members or managers associated with the protected series or registered series each of which has certain express rights, powers, and duties, including providing for voting rights and rights, powers, and duties senior to existing classes and groups of members or managers associated with the protected series or registered series. (b) The company agreement may provide for the taking of an action without the vote or approval of any member or manager or class or group of members or managers, including the amendment of the company agreement or an action to create under the provisions of the company agreement a class or group of the protected series or registered series of membership interests that was not previously outstanding. (c) The company agreement may provide that: (1) all or certain identified members or managers or a specified class or group of the members or managers associated with a protected series or registered series have the right to vote on any matter separately or with all or any class or group of the members or managers associated with the protected series or registered series; (2) any member or class or group of members associated with a protected series or registered series has no voting rights; and (3) voting by members or managers associated with a protected series or registered series is on a per capita, number, financial interest, class, group, or any other basis. Added by Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442 ), Sec. 45, eff. September 1, 2009. Amended by: Acts 2021, 87th Leg., R.S., Ch. 43 (S.B. 1523 ), Sec. 1, eff. June 1, 2022.