DecisionDepot
California legal research

Texas Business Organizations Code

§ 21.163 — ISSUANCE AND DISPOSITION OF FRACTIONAL SHARES OR SCRIP

BO § 21.163Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. D. SHARES, OPTIONS, AND CONVERTIBLE SECURITIES

Statute text

View on source
(a)A corporation may:
(1)issue fractions of a share, either certificated or uncertificated;
(2)arrange for the disposition of fractional interests by persons entitled to the interests;
(3)pay cash for the fair value of fractions of a share determined when the shareholders entitled to receive the fractions are determined; or
(4)subject to Subsection (b), issue scrip in registered form that entitles the holder to receive a certificate for a full share or an uncertificated full share on the surrender of the scrip aggregating a full share.
(b)The board of directors may issue scrip:
…

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 31, eff. September 1, 2009.

Source: Texas Business Organizations Code § 21.163 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.