Texas Business Organizations Code

§ 200.210 — DATE OF DETERMINATION OF SURPLUS

BO § 200.210Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. E. DISTRIBUTIONS AND SHARE DIVIDENDS

Statute text

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(a)For purposes of this subchapter, a determination of whether a real estate investment trust is or would be made insolvent by a distribution or share dividend or a determination of the value of a real estate investment trust's surplus shall be made:

(1)on the date the distribution or share dividend is authorized by the trust managers of the real estate investment trust if the distribution or the share dividend is made not later than the 120th day after the date of authorization; or

(2)if the distribution or the share dividend is made more than 120 days after the date of authorization:

(A)on the date designated by the trust managers if the date so designated is not earlier than 120 days before the date the distribution or the share dividend is made; or

(B)on the date the distribution or the share dividend is made if the trust managers do not designate a date as described in Paragraph (A).

(b)For purposes of this section, a distribution that involves:

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Legislative history

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