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Texas Business Organizations Code

§ 200.204 — RESERVES, DESIGNATIONS, AND ALLOCATIONS FROM SURPLUS

BO § 200.204Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. E. DISTRIBUTIONS AND SHARE DIVIDENDS

Statute text

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(a)A real estate investment trust, by resolution of the trust managers of the real estate investment trust, may:
(1)create a reserve out of the surplus of the real estate investment trust; or
(2)designate or allocate in any manner a part or all of the real estate investment trust's surplus for a proper purpose.
(b)A real estate investment trust may increase, decrease, or abolish a reserve, designation, or allocation in the manner provided by Subsection (a).

Legislative history

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

Source: Texas Business Organizations Code § 200.204 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.