For purposes of the provisions of Subtitle A and this subtitle other than this subchapter, as the context requires:

1. (1) a manager is considered to be a director and the board of managers is considered to be the board of directors;
2. (2) a participant is considered to be a shareholder;
3. (3) a participation share is considered to be a share; and
4. (4) a distribution is considered to be a dividend.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 35, eff. September 1, 2007.