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Texas Business Organizations Code

§ 21.171 — OUTSTANDING OR TREASURY SHARES

BO § 21.171Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. D. SHARES, OPTIONS, AND CONVERTIBLE SECURITIES

Statute text

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(a)Shares that are issued are outstanding shares unless the shares are treasury shares or are canceled.
(b)If there are outstanding shares, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation on the winding up and termination of the corporation must be outstanding shares.
(c)Treasury shares are considered to be issued shares and not outstanding shares.
(d)Treasury shares may not be included in the total assets of a corporation for purposes of determining the net assets of a corporation. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 32, eff. September 1, 2009.

Source: Texas Business Organizations Code § 21.171 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.