Texas Clauses Relating to Purpose of Venture are specific sections or provisions included in a venture agreement or organization documents of a business entity formed under the laws of Texas. These clauses outline the purpose or objectives for which the venture is being established. By including such clauses, the venture organizers can provide a clear and legal definition of the venture's primary activities, goals, and pursuits. There are generally two types of Texas Clauses Relating to Purpose of Venture: 1. General Purpose Clause: A general purpose clause defines the broad scope of the venture's purposes and activities. It typically includes language such as "The purpose of this venture is to engage in any lawful business activity or activities as may be authorized under the laws of the State of Texas." This clause allows the venture to engage in various activities not limited to a specific industry or field. 2. Specific Purpose Clause: A specific purpose clause, on the other hand, narrows down the scope of the venture's objectives to a particular industry, business activity, or field. For instance, a technology startup venture might include a clause like "The purpose of this venture is to develop, produce, and commercialize innovative software solutions for the healthcare industry." This type of clause restricts the venture's activities to a specific area of operation. Both types of clauses ensure that the venture's organizers have a legally binding agreement regarding the venture's intent. They provide clarity and prevent any ambiguity about the venture's purpose, which can be essential for legal, regulatory, and funding purposes. In addition to these two basic types, there may be various subtypes or variations of Texas Clauses Relating to Purpose of Venture, depending on the specific requirements and circumstances of the venture. These clauses may include additional provisions like limitations on activities, geographic scope, or duration of the venture, among others. However, the general purpose and specific purpose clauses remain the fundamental components, and additional provisions are tailored to the unique needs of each venture. In summary, Texas Clauses Relating to Purpose of Venture are sections within venture agreements that outline the overall objectives and activities of the venture. General purpose clauses provide a broad scope for the venture, while specific purpose clauses narrow down the focus to a particular industry or field. These clauses establish legal clarity and prevent any misinterpretation of the venture's intent.
Texas Clauses Relating to Purpose of Venture
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Section 21.418 - Contracts or Transactions Involving Interested Directors and Officers (a) This section applies to a contract or transaction between a corporation and: (1) one or more directors or officers, or one or more affiliates or associates of one or more directors or officers, of the corporation; or (2) an ...
Current with legislation from the 2023 Regular and Special Sessions effective as of September 1, 2023. Section 21.218 - Examination of Records (a) In this section, a holder of a beneficial interest in a voting trust entered into under Section 6.251 is a holder of the shares represented by the beneficial interest.
(a) The act of a majority of the directors present at a meeting at which a quorum is present at the time of the act is the act of the board of directors of a corporation, unless the act of a greater number is required by the certificate of formation or bylaws of the corporation or by this code.
Section 21.563 - Closely Held Corporation (a) In this section, "closely held corporation" means a corporation that has: (1) fewer than 35 shareholders; and (2) no shares listed on a national securities exchange or regularly quoted in an over-the-counter market by one or more members of a national securities association ...
Section 21.418 - Contracts or Transactions Involving Interested Directors and Officers (a) This section applies to a contract or transaction between a corporation and: (1) one or more directors or officers, or one or more affiliates or associates of one or more directors or officers, of the corporation; or (2) an ...
The business of the Venture shall be primarily for the purpose of procurement, financing, transportation, sale and disposition and related matters in personal protection equipment, and all such other business incidental to the general purposes herein set forth (the ?Project?).
(a) Regular meetings of the board of directors of a corporation may be held with or without notice as prescribed by the corporation's bylaws. (b) Special meetings of the board of directors shall be held with notice as prescribed by the bylaws.
(b) Except as provided by this code, the certificate of formation of a filing entity may authorize the owners or members of the entity to take action without holding a meeting, providing prior notice, or taking a vote if owners or members of the entity having at least the minimum number of votes that would be necessary ...
