Tex. Bus. Orgs. Code § 22.225 · Subchapter E. MANAGEMENT
LOAN TO DIRECTOR PROHIBITED.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A corporation may not make a loan to a director.
(b) The directors of a corporation who vote for or assent to the making of a loan to a director, and any officer who participates in making the loan, are jointly and severally liable to the corporation for the amount of the loan until the loan is repaid.
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.22.htm
- Text hash
- sha256 0509a1a00a1ac2df578579093c2110ec9371ef358043c4e592c596fbcfe4b0d8
- 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.