Tex. Bus. Orgs. Code § 101.251

GOVERNING AUTHORITY

Applied in 1 court decision — leading case Robert B. Allen v. Devon Energy Holdings, L.L.C. F/K/A Chief Holdings, L.L.C, and Trevor D. Rees-Jones (2012)

Most recently applied in Robert B. Allen v. Devon Energy Holdings, L.L.C. F/K/A Chief Holdings, L.L.C, and Trevor D. Rees-Jones (March 2012)

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

(a) The governing authority of a limited liability company consists of:

(1) the managers of the company, if the company agreement provides that the company is managed by one or more managers; or

(2) the members of the company, if the company agreement provides that the company is managed by the members.

(b) If the company agreement does not provide otherwise, the governing authority of a limited liability company consists of:

(1) the managers of the company, if the company's certificate of formation states that the company has managers; or

(2) the members of the company, if the company's certificate of formation does not state that the company has managers.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.