This text of Texas § 22.510 (NOTICE TO MEMBERS FOLLOWING RATIFICATION OF DEFECTIVE CORPORATE ACT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Sec. 22.510. NOTICE TO MEMBERS FOLLOWING RATIFICATION OF DEFECTIVE CORPORATE ACT.
(a)If the management of the affairs of a corporation is vested in its members under Section 22.202 or if a corporation has members with voting rights, for each defective corporate act ratified by the governing authority under Sections 22.503 and 22.504 , notice of the ratification shall be given promptly to:
(1)each member having voting rights as of the date the governing authority adopted the resolutions ratifying the defective corporate act; or
(2)each member having voting rights as of a date not later than the 60th day after the date of adoption, as established by the governing authority.
(b)Notice under this section shall be sent to the address of a member described by Subsection (a)(1) or (a)(2) as t
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Sec. 22.510. NOTICE TO MEMBERS FOLLOWING RATIFICATION OF DEFECTIVE CORPORATE ACT. (a) If the management of the affairs of a corporation is vested in its members under Section 22.202 or if a corporation has members with voting rights, for each defective corporate act ratified by the governing authority under Sections 22.503 and 22.504 , notice of the ratification shall be given promptly to:
(1) each member having voting rights as of the date the governing authority adopted the resolutions ratifying the defective corporate act; or
(2) each member having voting rights as of a date not later than the 60th day after the date of adoption, as established by the governing authority.
(b) Notice under this section shall be sent to the address of a member described by Subsection (a)(1) or (a)(2) as the address appears or most recently appeared, as appropriate, on the records of the corporation.
(c) Notice under this section shall also be given to each member having voting rights as of the time of the defective corporate act, except that notice is not required to be given to a member whose identity or address cannot be ascertained from the corporation's records.
(d) The notice must contain:
(1) copies of the resolutions adopted by the governing authority under Section 22.503 or the information required by Sections 22.503 (a)(1)-(4) or 22.503 (c)(1)-(4), as applicable; and
(2) a statement that, on ratification of the defective corporate act made in accordance with this subchapter, the member's right to challenge the defective corporate act is limited to an action claiming that a court of appropriate jurisdiction, in its discretion, should declare:
(A) that the ratification not take effect or that it take effect only on certain conditions, if the action is filed not later than the 120th day after the later of the applicable validation effective time or the time at which the notice required by this section is given; or
(B) that the ratification was not accomplished in accordance with this subchapter.
(e) Notwithstanding Subsections (a)-(d), notice is not required to be given under this section to a person if notice of the ratification of the defective corporate act is given to that person in accordance with Section 22.506 .
(f) For purposes of Sections 22.505 , 22.506 , and 22.507 and this section, notice to members with voting rights as of the time of the defective corporate act shall be treated as notice to such members for purposes of Sections 6.051 , 6.052 , 6.053 , 6.201 , 6.202 , 6.203 , 6.204 , 6.205 , and 22.156 .
(g) If the ratification of a defective corporate act has been approved by the members acting under Section 6.202 , the notice required by this section may be included in any notice required to be given under Section 6.202 (d) and, if included:
(1) shall be sent to the members entitled to the notice under Section 6.202 (d) and all other members otherwise entitled to the notice under Subsection (a); and
(2) is not required to be sent to members who signed a consent described by Section 6.202 (b).