Application of Other Provisions To Limited Trust Associations

Sec. 183.211. APPLICATION OF OTHER PROVISIONS TO LIMITED TRUST ASSOCIATIONS. For purposes of applying the provisions of this subtitle other than this subchapter to a limited trust association, as the context requires: (1) a manager and the board of managers are considered to be a director and the board of directors; (2) if there is not a board of managers, a participant is considered to be a director and all of the participants are considered to be the board of directors; (3) a participant or participant-transferee is considered to be a shareholder; (4) a participation share is considered to be a share of stock; and (5) a distribution is considered to be a dividend. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.