Section 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. 9/1/1999.