Texas – Legislation Effective September 1
Senate Bill 1514 signed by the governor May 13 and effective September 1 amends the Business Organization Code with substantive and technical modifications including among other changes: (1) ratification of any act or transaction that is void or voidable when taken; (2) removal of the 3 year limit for a terminated domestic entity to reinstate; and (3) retroactive reinstatement for a nonprofit corporation. The bill text can be accessed here.
House Bill 19 signed by the governor June 12 and effective September 1 revamps state court systems to resolve business disputes to create the new Business Court and Court of Appeals for actions commenced on or after September 1, 2024. The bill text can be accessed here.
House Bill 1957 signed by the governor June 9 and effective September 1 amends the Business Organizations Code relating to availability for public inspection of financial information for nonprofit corporations. The bill text can be accessed here.