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Texas Business Organizations Code - BUS ORG § 101.503. Penalty for Refusal to Permit Examination of Certain Records

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A limited liability company that refuses to allow a member or an assignee of a membership interest to examine and copy, on written request that complies with Section 101.502(a), records or other information described by that section is liable to the member or assignee for any cost or expense, including attorney's fees, incurred in enforcing the member's or assignee's rights under Section 101.502. The liability imposed on a limited liability company under this subsection is in addition to any other damages or remedy afforded to the member or assignee by law.

(b) It is a defense to an action brought under this section that the person suing:

(1) has improperly used information obtained through a prior examination of the records or other information of the limited liability company or any other limited liability company, under Section 101.502; or

(2) was not acting in good faith or for a proper purpose in making the person's request for examination.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 101.503. Penalty for Refusal to Permit Examination of Certain Records - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-101-503/

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