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Texas Business Organizations Code

§ 200.259 — CUMULATIVE VOTING IN ELECTION OF TRUST MANAGERS

BO § 200.259Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. F. SHAREHOLDERS' MEETINGS; VOTING AND QUORUM

Statute text

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(a)Cumulative voting is allowed only if specifically authorized by the certificate of formation of a real estate investment trust.
(b)Cumulative voting occurs when a shareholder:
(1)gives one candidate as many votes as the total of the number of the trust managers to be elected multiplied by the shareholder's shares; or
(2)distributes the votes among one or more candidates using the same principle.
(c)If cumulative voting is specifically authorized by the certificate of formation, a shareholder who intends to cumulate votes must give written notice of that intention to the trust managers on or before the day preceding the date of the election at which the shareholder intends to cumulate votes.

Legislative history

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

Source: Texas Business Organizations Code § 200.259 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.