Texas SB29 updates the Business Organizations Code to clarify governance and management of domestic entities.

Texas SB29 amends the Business Organizations Code to enhance governance and management of domestic entities. It establishes presumptions that directors and officers act in good faith, on an informed basis, in the corporation's interest, and in obedience to the law. The bill also allows for the formation of a committee of independent and disinterested directors to review transactions. It provides procedures for shareholders to petition the court to determine the independence and disinterestedness of directors.

Texas SB29 updates the Business Organizations Code to clarify governance and management of domestic entities.

Texas SB29 amends the Business Organizations Code to enhance governance and management of domestic entities. It establishes presumptions that directors and officers act in good faith, on an informed basis, in the corporation's interest, and in obedience to the law. The bill also allows for the formation of a committee of independent and disinterested directors to review transactions. It provides procedures for shareholders to petition the court to determine the independence and disinterestedness of directors.