Texas Business Organizations Code
Sec.
§
101.402
Permissive Indemnification, Advancement of Expenses, and Insurance or Other Arrangements
(a)
A limited liability company may:
(1)
indemnify a person;
(2)
pay in advance or reimburse expenses incurred by a person; and
(3)
purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person.
(b)
In this section, "person" includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company.Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.