How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 33405
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
Type Your Business Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

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

Resolved Question:

Please put in layman terms Tex. Bus. Corp. Act Art 2.35-I
Submitted: 5 years ago.
Category: Business Law
Expert:  Dwayne B. replied 5 years ago.
Is there a specific question I could assist you with?
Customer: replied 5 years ago.

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



Expert:  Dwayne B. replied 5 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.
Customer: replied 5 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

Expert:  Dwayne B. replied 5 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.

If you have any additional questions put them in this thread but don't hit relist, that will slow everything down.

Thank you for allowing me to assist you. As you know, we work on the honor system here and cannot always provide you answers that you like. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. I believe in giving information that is to the point, but please remember that I can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions or for clarifications. Be very careful about looking at other internet sites that just post generic information without any inquiry into your facts because often those answers are dated, wrong, or wrong as applied to your facts. Please be aware that my answer is not legal advice, it is merely information. You should always contact a local attorney for legal advice.

Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR JD 1992” in the subject line and I will pick up the next time I am online.
Dwayne B. and 5 other Business Law Specialists are ready to help you