Texas § BO.153.402 - STANDING TO BRING PROCEEDING
Full text of Texas The Texas Constitution § BO.153.402 — STANDING TO BRING PROCEEDING, with citation guidance and answers to common questions.
§ BO.153.402. STANDING TO BRING PROCEEDING
STANDING TO BRING PROCEEDING. (a) Subject to Subsection (b), a limited partner may not institute or maintain a derivative proceeding unless: (1) the limited partner: (A) was a limited partner of the limited partnership at the time of the act or omission complained of; or (B) became a limited partner by operation of law originating from a person that was a limited partner or general partner at the time of the act or omission complained of; and (2) the limited partner fairly and adequately represents the interests of the limited partnership in enforcing the right of the limited partnership. (b) If the converted entity in a conversion is a limited partnership, a limited partner of that limited partnership may not institute or maintain a derivative proceeding based on an act or omission that occurred with respect to the converting entity before the date of the conversion unless: (1) the limited partner was an equity owner of the converting entity at the time of the act or omission; and (2) the limited partner fairly and adequately represents the interests of the limited partnership in enforcing the right of the limited partnership. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603 ), Sec. 26, eff. September 1, 2019.
Frequently Asked Questions About Texas § BO.153.402
What does The Texas Constitution § BO.153.402 cover?
Section BO.153.402 ("STANDING TO BRING PROCEEDING") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.153.402?
A common citation format is "The Texas Constitution § BO.153.402" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.153.402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.