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Texas Business Organizations Code

§ 21.051 — NO PROPERTY RIGHT IN CERTIFICATE OF FORMATION

BO § 21.051Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. B. FORMATION AND GOVERNING DOCUMENTS

Statute text

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A shareholder of a corporation does not have a vested property right resulting from the certificate of formation, including a provision in the certificate of formation relating to the management, control, capital structure, dividend entitlement, purpose, or duration of the corporation.

Legislative history

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

Source: Texas Business Organizations Code § 21.051 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.