Tex. Business Organizations Code § 402.007

This is the official text of Tex. Business Organizations Code § 402.007, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.

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§ 402.007. INDEMNIFICATION.

Official statutory text

Chapter 8 governs any proposed indemnification by a domestic entity after the mandatory application date, regardless of whether the events on which the indemnification is based occurred before or after the mandatory application date. In a case in which indemnification is permitted but not required under Chapter 8, a provision relating to indemnification contained in the governing documents of a domestic entity on the mandatory application date that would otherwise have the effect of limiting the nature or type of indemnification permitted by Chapter 8 may not be construed after the mandatory application date as limiting the indemnification authorized by Chapter 8 unless the provision is intended to limit or restrict permissive indemnification under applicable law.

Status: in_force · Read it on the official government site

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