Texas Business Organizations Code

§ 21.002 — DEFINITIONS

BO § 21.002Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. A. GENERAL PROVISIONS

Statute text

In this chapter:

(1)"Authorized share" means a share of any class the corporation is authorized to issue.

(2)"Board of directors" includes each person who is authorized to perform the functions of the board of directors under a shareholders' agreement as authorized by this chapter.

(3)"Cancel," with respect to an authorized share of a corporation, means the restoration of an issued share to the status of an authorized but unissued share.

(4)"Consuming assets corporation" means a corporation that:

(A)is engaged in the business of exploiting assets subject to depletion or amortization;

…

Legislative history

Acts 2019, 86th Leg., R.S., Ch. 665 (S.B. 1971), Sec. 5, eff. September 1, 2019.