Texas Business Organizations Code 8.152 – Reports of Indemnification and Advances
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(a) An enterprise shall report in writing to the owners or members of the enterprise an indemnification of or advance of expenses to a governing person.
(b) Subject to Subsection (c), the report must be made with or before:
(1) the notice or waiver of notice of the next meeting of the owners or members of the enterprise; or
(2) the next submission to the owners or members of a consent to action without a meeting.
Terms Used In Texas Business Organizations Code 8.152
- Governing person: means a person serving as part of the governing authority of an entity. See Texas Business Organizations Code 1.002
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(c) The report must be made not later than the first anniversary of the date of the indemnification or advance.