Texas § BO.22.506 - NOTICE REQUIREMENTS FOR RATIFIED DEFECTIVE CORPORATE ACT SUBMITTED FOR APPROVAL O

§ BO.22.506. NOTICE REQUIREMENTS FOR RATIFIED DEFECTIVE CORPORATE ACT SUBMITTED FOR APPROVAL O

NOTICE REQUIREMENTS FOR RATIFIED DEFECTIVE CORPORATE ACT SUBMITTED FOR APPROVAL OF MEMBERS WITH VOTING RIGHTS. (a) If a corporation has members with voting rights and if the ratification of a defective corporate act is required to be submitted to such members for approval under Section 22.505 , notice of the time, place, if any, and purpose of the meeting shall be given at least 20 days before the date of the meeting to: (1) each member with voting rights as of the record date of the meeting, at the address of the member as it appears or most recently appeared, as appropriate, on the corporation's records; and (2) each member with voting rights as of the time of the defective corporate act, except that notice is not required to be given to a member whose identity or address cannot be ascertained from the corporation's records. (b) The notice must contain: (1) copies of the resolutions adopted by the board of directors under Section 22.503 or the information required by Sections 22.503 (a)(1)-(4); and (2) a statement that, on member approval of the ratification of the defective corporate act made in accordance with this subchapter, the member's right to challenge the defective corporate act is limited to an action claiming that a court of appropriate jurisdiction, in its discretion, should declare: (A) that the ratification not take effect or that it take effect only on certain conditions, if that action is filed with the court not later than the 120th day after the applicable validation effective time; or (B) that the ratification was not accomplished in accordance with this subchapter. Added by Acts 2019, 86th Leg., R.S., Ch. 664 (S.B. 1969 ), Sec. 1, eff. September 1, 2019.