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Please put in layman terms Tex. Bus. Corp. Act Art 2.35-I

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Please put in layman terms Tex. Bus. Corp. Act Art 2.35-I
Submitted: 6 years ago.Category: Business Law
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1/3/2012
Business Lawyer: Dwayne B., Attorney replied 6 years ago
Dwayne B.
Dwayne B., Attorney
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Customer reply replied 6 years ago

what else do you need? The question is please put in layman terms Tex. Bus. Corp. Act Art. 2.35-I

 

 

Business Lawyer: Dwayne B., Attorney replied 6 years ago
It's too general. Usually when we answer a question this general the customer responds with "I already knew that". This will work better if you can ask any specific questions that you have about the statute.
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Customer reply replied 6 years ago

I'm trying to determine if my business partner is complaint with the mentioned statute. Please take a cut at explaining the statute to me. I know it's vague. Heres are some facts:

He is suing his own company

we both own 50 per-cent of company, we are the only board members

demanding to make as much money as me, I work 6 days a week 10 hours a day

he worked part time, he now doesn't work at all

I stopped paying him because of the law suite

Business Lawyer: Dwayne B., Attorney replied 6 years ago
That statute just says that a director of a company can also have a contract with the company as long as certain conditions are met:

1) that any relationship or interest the director has is known to the other members of the board, or

2) that the relationship or interest is known to the shareholders and the shareholders vote to approve the contract, or

3) The contract is fair to the corporation at the time it is ratified by either the board or the shareholders.

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