153.402 – STANDING TO BRING PROCEEDING. (a) Subject to
Texas Business Organizations Code § 153.402
Summary
This law outlines the conditions under which a limited partner can initiate a derivative proceeding against a limited partnership. It requires that the limited partner was either a partner at the time of the issue or became one through legal succession.
Limited partners must have been partners at the time of the issue.
Legal succession from a partner allows for derivative actions.
Fair and adequate representation of interests is required.
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In simple terms: Learn about Texas's STANDING TO BRING PROCEEDING. (a) Subject to 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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