Tex. Bus. Org. Code § 101.402

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 101.402 - Permissive Indemnification, Advancement of Expenses, and Insurance or Other Arrangements

(a) A limited liability company may:

(1) indemnify a person;

(2) pay in advance or reimburse expenses incurred by a person; and

(3) purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person.

(b) In this section, "person" includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company.

Tex. Bus. Org. Code § 101.402

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.