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2019 Texas Statutes
Business Organizations Code
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Subchapter I. Modification of Duties; Indemnification
Section 101.402. Permissive Indemnification, Advancement of Expenses, and Insurance or Other Arrangements
Universal Citation:
TX Bus Orgs § 101.402 (2019)
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Sec. 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.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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