Transcription of BUSINESS ORGANIZATIONS CODE TITLE 1. GENERAL …
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BUSINESS ORGANIZATIONS CODE TITLE 1. GENERAL …
BUSINESS ORGANIZATIONS CODETITLE 1. GENERAL PROVISIONSCHAPTER 1. DEFINITIONS AND OTHER GENERAL PROVISIONSSUBCHAPTER A. DEFINITIONS AND PURPOSESec. PURPOSE. The purpose of this code is to make thelaw encompassed by this code more accessible and understandable by:(1) rearranging the statutes into a more logical order;(2) employing a format and numbering system designed tofacilitate citation of the law and to accommodate future expansion ofthe law;(3) eliminating repealed, duplicative, expired, executed,and other ineffective provisions; and(4) restating the law in modern American English to thegreatest extent possible. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Sec. DEFINITIONS. In this code:(1) "Affiliate" means a person who controls, is controlledby, or is under common control with another person.(2) "Associate," when used to indicate a relationship witha person, means:(A) a domestic or foreign entity or organization forwhich the person:(i) is an officer or governing person; or(ii) beneficially owns, directly or indirectly,either individually or through an affiliate, 10 percent or more of aclass of voting ownership interests or similar securities of theentity or organization ;(B) a trust or estate in which the person has asubstantial beneficial interest or for which the person serves astrustee or in a similar fiduciary capacity;(C) the person's spouse or a relative of the personrelated by c
BUSINESS ORGANIZATIONS CODE Statute text rendered on: 1/1/2022 - 2 - (E) the continuance of a foreign entity of one type as ... (37) "Governing person" means a person serving as part of the governing authority of an entity. (38) "Individual" means a natural person. (39) "Insolvency" means the inability of a person to pay ...
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