Tex. Bus. Orgs. Code § 101.402 · Subchapter I. MODIFICATION OF DUTIES; INDEMNIFICATION
PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF EXPENSES, AND INSURANCE OR OTHER ARRANGEMENTS.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A limited liability company may:
(1) indemnify a person;
(2) pay in advance or reimburse expenses incurred by a person; and
(3) purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person.
(b) In this section, "person" includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.101.htm
- Text hash
- sha256 e0a25ba1229d91cba3e4da37b6c92c7dde122981c4036593653de564c1906107
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.