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Texas Business Organizations Code

§ 200.103 — CLASSES OF SHARES ESTABLISHED BY TRUST MANAGERS

BO § 200.103Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. C. SHARES

Statute text

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(a)A real estate investment trust may provide in the real estate investment trust's certificate of formation that the trust managers may classify or reclassify any unissued shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the shares.
(b)Before issuing shares, the trust managers who perform as authorized by the certificate of formation an action described by Subsection (a) must file with the county clerk of the county of the principal place of business of the real estate investment trust a statement of designation that contains:
(1)a description of the shares, including the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, as set or changed by the trust managers; and
(2)a statement that the shares have been classified or reclassified by the trust managers as authorized by the certificate of formation.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 200.103 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.