Section 1304.0035 - Controlling Person(a) In this chapter, "controlling person" means an individual who: (1) possesses direct or indirect control of at least 25 percent of the voting securities of a corporation;(2) possesses the authority to set policy and direct the management of a business entity;(3) is the president, the secretary, or a director of a corporation; or(4) is a general partner of a partnership.(b) An individual who is a controlling person of a corporation or other business entity that is the general partner of a limited partnership is a controlling person of the limited partnership.Tex. Occ. Code § 1304.0035
Added by Acts 2005, 79th Leg., Ch. 63, Sec. 3, eff. 1/1/2006.