Texas SB1056 creates a presumption of good faith for directors and officers of certain domestic corporations.

Texas SB1056 amends the Business Organizations Code to establish a presumption of good faith for directors and officers of certain domestic corporations. This presumption applies to corporations formed under Texas law, with equity securities registered under the Securities Exchange Act of 1934, listed on a national securities exchange, and either headquartered in Texas or listed on a state-approved stock exchange. Under this bill, directors and officers are presumed to act in good faith, on an informed basis, and with a view to the corporation's interests.

Texas SB1056 creates a presumption of good faith for directors and officers of certain domestic corporations.

Texas SB1056 amends the Business Organizations Code to establish a presumption of good faith for directors and officers of certain domestic corporations. This presumption applies to corporations formed under Texas law, with equity securities registered under the Securities Exchange Act of 1934, listed on a national securities exchange, and either headquartered in Texas or listed on a state-approved stock exchange. Under this bill, directors and officers are presumed to act in good faith, on an informed basis, and with a view to the corporation's interests.