Texas Laws - Business Organizations Code (pg. 9)
Sec. 1.009. Dollars As Monetary Units.

pg. 9

Texas Laws | Business Organizations Code
BUSINESS ORGANIZATIONS CODE
TITLE 1. GENERAL PROVISIONS

Sec. 1.009. DOLLARS AS MONETARY UNITS. ⁽³⁰⁵⁾(Text)

Unless the context requires otherwise, a value or amount that is required by this code to be stated in monetary terms must be stated in United States dollars. Currency that is not specified is considered to be in United States dollars. ⁽³⁰⁶⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³⁰⁷⁾

SUBCHAPTER B. CODE CONSTRUCTION ⁽³⁰⁸⁾(Text)

Sec. 1.051. CONSTRUCTION OF CODE. ⁽³⁰⁹⁾(Text)

Chapter 311, Government Code (Code Construction Act), applies to the construction of each provision in this code except as otherwise expressly provided by this code. ⁽³¹⁰⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³¹¹⁾

Sec. 1.052. REFERENCE IN LAW TO STATUTE REVISED BY CODE. ⁽³¹²⁾(Text)

A reference in a law to a statute or a part of a statute revised by this code is considered to be a reference to the part of this code that revises that statute or part of that statute. ⁽³¹³⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³¹⁴⁾

Sec. 1.053. APPLICABILITY TO FOREIGN AND INTERSTATE AFFAIRS. ⁽³¹⁵⁾(Text)

This code applies to the conduct of affairs with foreign countries and the other states of the United States only to the extent permitted under the United States Constitution. ⁽³¹⁶⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³¹⁷⁾

Sec. 1.054. RESERVATION OF POWER. ⁽³¹⁸⁾(Text)

The legislature at all times has the power to amend, repeal, or modify this code and to prescribe regulations, provisions, and limitations as the legislature considers advisable. The regulations, provisions, and limitations are binding on any entity subject to this code. ⁽³¹⁹⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³²⁰⁾

SUBCHAPTER C. DETERMINATION OF APPLICABLE LAW ⁽³²¹⁾(Text)

Sec. 1.101. DOMESTIC FILING ENTITIES. ⁽³²²⁾(Text)

The law of this state governs the formation and internal affairs of an entity if the entity's formation occurs when a certificate of formation filed in accordance with Chapter 4 takes effect. ⁽³²³⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³²⁴⁾

Sec. 1.102. FOREIGN FILING ENTITIES. ⁽³²⁵⁾(Text)

If the formation of an entity occurs when a certificate of formation or similar instrument filed with a foreign governmental authority takes effect, the law of the state or other jurisdiction in which that foreign governmental authority is located governs the formation and internal affairs of the entity. ⁽³²⁶⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³²⁷⁾

Sec. 1.103. ENTITIES NOT FORMED BY FILING INSTRUMENT. ⁽³²⁸⁾(Text)

If the formation of an entity does not occur when a certificate of formation or similar instrument filed with the secretary of state or with a foreign governmental authority takes effect, the law governing the entity's formation and internal affairs is the law of the entity's jurisdiction of formation. ⁽³²⁹⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³³⁰⁾

Sec. 1.104. LAW APPLICABLE TO LIABILITY. ⁽³³¹⁾(Text)

The law of the jurisdiction that governs an entity as determined under Sections 1.101-1.103 applies to the liability of an owner, a member, or a managerial official of the entity in the capacity as an owner, a member, or a managerial official for an obligation, including a debt or other liability, of the entity for which the owner, member, or managerial official is not otherwise liable by contract or under provisions of law other than this code. ⁽³³²⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³³³⁾

Sec. 1.105. INTERNAL AFFAIRS. ⁽³³⁴⁾(Text)

For purposes of this code, the internal affairs of an entity include: ⁽³³⁵⁾

(1) the rights, powers, and duties of its governing authority, governing persons, officers, owners, and members; and ⁽³³⁶⁾

(2) matters relating to its membership or ownership interests. ⁽³³⁷⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³³⁸⁾

Sec. 1.106. ORDER OF PRECEDENCE. ⁽³³⁹⁾(Text)

(a) This title applies to all domestic entities and foreign entities to the extent provided by this title. ⁽³⁴⁰⁾

(b) Each title of this code, other than this title, applies to a different type of entity to the extent provided by that title. ⁽³⁴¹⁾

(c) If a provision of this title conflicts with a provision in another title of this code, the provision of the other title supersedes the provision of this title. ⁽³⁴²⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³⁴³⁾

CHAPTER 2. PURPOSES AND POWER OF DOMESTIC ENTITY ⁽³⁴⁴⁾(Text)

SUBCHAPTER A. PURPOSES OF DOMESTIC ENTITY ⁽³⁴⁵⁾(Text)

Sec. 2.001. GENERAL SCOPE OF PERMISSIBLE PURPOSES. ⁽³⁴⁶⁾(Text)

A domestic entity has any lawful purpose or purposes, unless otherwise provided by this code. ⁽³⁴⁷⁾

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. ⁽³⁴⁸⁾

Sec. 2.002. PURPOSES OF NONPROFIT ENTITY. ⁽³⁴⁹⁾(Text)

The purpose or purposes of a domestic nonprofit entity may include one or more of the following purposes: ⁽³⁵⁰⁾

(1) serving charitable, benevolent, religious, eleemosynary, patriotic, civic, missionary, educational, scientific, social, fraternal, athletic, aesthetic, agricultural, and horticultural purposes; ⁽³⁵¹⁾

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