Sec. 101.451. DEFINITIONS. In this subchapter:
(1) "Derivative proceeding" means a civil suit in the right of a domestic limited liability company or, to the extent provided by Section 101.462, in the right of a foreign limited liability company.
(2) "Managing entity" means an entity that is either:
(A) a manager of a limited liability company that is managed by managers; or
(B) a member of a limited liability company that is managed by members who are entitled to manage the company.
(3) "Member" means a person who is a member or is an assignee of a membership interest or a person who beneficially owns a membership interest through a voting trust or a nominee on the person's behalf.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603), Sec. 13, eff. September 1, 2019.
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