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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) In this section, "business entity" means a corporation, business trust, estate, trust, partnership, including a limited partnership, association, or any other legal entity, regardless of whether the entity is incorporated in this state.
(b) In this chapter, "controlling person" means an individual who:
(1) has direct or indirect control of at least 25 percent of the voting securities of a business entity;
(2) has the authority to set policy and direct the management of a business entity;
(3) is the president, the secretary, or a director of a business entity; or
(4) is a general partner of a partnership, including a limited partnership.
Cite this article: FindLaw.com - Texas Occupations Code - OCC § 1806.003. Definition of Controlling Person - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-1806-003/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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