By: Harrison H.B. No. 184
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the duty of the board of directors of a corporation to
  maximize the value of the corporation's shares.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 21.401, Business Organizations Code, is
  amended by adding Subsection (f) to read as follows:
         (f)  Notwithstanding any other law, in discharging the
  duties of a director, the director shall act to maximize the value
  of the corporation's shares.  It is considered a breach of the
  director's fiduciary duty if the director prioritizes another
  consideration over the maximization of the value of the
  corporation's shares.
         SECTION 2.  This Act applies only to an action taken by the
  board of directors of a corporation on or after the effective date
  of this Act.
         SECTION 3.  This Act takes effect on the 91st day after the
  last day of the legislative session.