Tex. Bus. Orgs. Code § 23.057 · Subchapter B. BUSINESS DEVELOPMENT CORPORATIONS
MANAGEMENT BY BOARD OF DIRECTORS; NUMBER OF DIRECTORS.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The organization, control, and management of a corporation are vested in a board of directors. The board must consist of not fewer than 15 and not more than 21 directors.
(b) The board of directors may exercise any power of the corporation not conferred on the shareholders or members by law or by the corporation's bylaws.
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.23.htm
- Text hash
- sha256 d8698bc9e7e58874b433f27146d8e274ec1faac0b7d61677981631c4aef9dda4
- 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.