Texas Business Organizations Code
§ 200.102 — CLASSIFICATION OF SHARES
BO § 200.102Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. C. SHARES
Statute text
View on sourceA real estate investment trust may provide in the real estate investment trust's certificate of formation:
(1)that a specified class of shares is preferred over another class of shares as to its distributive share of the assets on voluntary or involuntary liquidation of the real estate investment trust;
(2)the amount of a preference described by Subdivision (1);
(3)that a specified class of shares may be redeemed at the option of the real estate investment trust or of the holders of the shares;
(4)the terms and conditions of a redemption of shares described by Subdivision (3), including the time and price of redemption;
(5)that a specified class of shares may be converted into shares of one or more other classes;
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Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.