Texas Business Organizations Code
§ 200.004 — ULTRA VIRES ACTS
BO § 200.004Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)Lack of capacity of a real estate investment trust may not be the basis of any claim or defense at law or in equity.
(b)An act of a real estate investment trust or a transfer of property by or to a real estate investment trust is not invalid because the act or transfer was:
(1)beyond the scope of the purpose or purposes of the real estate investment trust as expressed in the real estate investment trust's certificate of formation; or
(2)inconsistent with a limitation on the authority of an officer or trust manager to exercise a statutory power of the real estate investment trust, as that limitation is expressed in the real estate investment trust's certificate of formation.
(c)The fact that an act or transfer is beyond the scope of the expressed purpose or purposes of the real estate investment trust or is inconsistent with an expressed limitation on the authority of an officer or trust manager may be asserted in a proceeding:
(1)by a shareholder against the real estate investment trust to enjoin the performance of an act or the transfer of property by or to the real estate investment trust; or
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Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.