TX SB1056

Establishes a legal presumption that directors and officers of qualifying Texas corporations act in good faith, on an informed basis, and in the corporation's interests

Applies to Texas-formed corporations with equity securities registered under federal law and listed on a national securities exchange, that either have their principal office in Texas or are listed on a state-approved Texas-based stock exchange

Shields directors and officers from personal liability for damages unless they violated duties of good faith, loyalty, or due care AND engaged in intentional misconduct, fraud, or knowing violation of law

Requires parties alleging intentional misconduct, fraud, or knowing legal violations to state the circumstances with particularity in their pleadings

Allows corporations to opt out of these protections through provisions in their certificate of formation; takes effect September 1, 2025