Tex. Bus. Orgs. Code § 21.551 · Subchapter L. DERIVATIVE PROCEEDINGS
DEFINITIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
In this subchapter:
(1) "Derivative proceeding" means a civil suit in the right of a domestic corporation or, to the extent provided by Section 21.562, in the right of a foreign corporation.
(2) "Shareholder" includes:
(A) a shareholder as defined by Section 1.002;
(B) a beneficial owner whose shares are held in a voting trust or by a nominee on the beneficial owner's behalf; or
(C) two or more shareholders acting in concert under an informal or formal agreement or understanding with respect to a derivative proceeding.
Notes and commentary — not statutory text
History
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. 1, eff. September 1, 2019.
Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 23, eff. September 1, 2021.
Acts 2025, 89th Leg., R.S., Ch. 21 (S.B. 29), Sec. 12, eff. May 14, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm
- Text hash
- sha256 4393b4c7e2976b7fdd499c9b66f6baa3d6240b5c6c15a526a26f69a5c03b5d9e
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
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.