OPEN MEETINGS; EXCEPTIONS.

(a) Notwithstanding any provision in the project instrument to the contrary and except as provided in this section, after the period of developer control under Section 221.083, all meetings of the association and board are open to all members of the association and all members must be permitted to attend and listen to the deliberations and proceedings. Meetings must be conducted as provided in the project instrument. The board may adjourn a board meeting and reconvene in a closed executive session to consider:

(1) legal advice from an attorney for the board or the association;

(2) pending or contemplated litigation;

(3) financial information about an individual member of the association, an individual employee of the association, an individual employee of the managing entity, or an individual employee of a contractor for the association or managing entity; or

(4) matters relating to the job performance of, compensation of, health records of, or specific complaints against an individual employee of the association, an individual employee of the managing entity, or an individual employee of a contractor of the association or managing entity who works under the direction of the association or the managing entity.

(b) If a board meeting is closed as provided by Subsection (a)(1) or (2), the board, on final resolution of any matter for which the board received legal advice or that concerned pending or contemplated litigation, may disclose information about that matter in an open meeting, except to the extent that those matters are required to remain confidential by the terms of a settlement agreement or judgment.