101.453 – DEMAND. (a) A member may not institute a
Texas Business Organizations Code § 101.453
Summary
This law requires a member of a limited liability company to wait 91 days after filing a written demand before initiating a derivative lawsuit. The demand must detail the specific issue and request action from the company. This provision aims to give the company an opportunity to address the matter internally before litigation begins.
Members must wait 91 days after demand before suing.
Written demand must specify the issue clearly.
Allows the company to resolve issues before litigation.
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In simple terms: Learn about Texas's DEMAND. (a) A member may not institute a law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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