Tex. Business Organizations Code § 101.503
This is the official text of Tex. Business Organizations Code § 101.503, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 101.503. PENALTY FOR REFUSAL TO PERMIT EXAMINATION OF CERTAIN RECORDS.
Official statutory text
(a) A limited liability company that refuses to allow a member or an assignee of a membership interest to examine and copy, on written request that complies with Section 101.502(a), records or other information described by that section is liable to the member or assignee for any cost or expense, including attorney's fees, incurred in enforcing the member's or assignee's rights under Section 101.502. The liability imposed on a limited liability company under this subsection is in addition to any other damages or remedy afforded to the member or assignee by law.
(b) It is a defense to an action brought under this section that the person suing:
(1) has improperly used information obtained through a prior examination of the records or other information of the limited liability company or any other limited liability company, under Section 101.502; or
(2) was not acting in good faith or for a proper purpose in making the person's request for examination.
(b) It is a defense to an action brought under this section that the person suing:
(1) has improperly used information obtained through a prior examination of the records or other information of the limited liability company or any other limited liability company, under Section 101.502; or
(2) was not acting in good faith or for a proper purpose in making the person's request for examination.
Status: in_force · Read it on the official government site
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