Texas Business Organizations Code
§ 21.206 — LIMITATION ON ACTION TO ENFORCE PREEMPTIVE RIGHT
BO § 21.206Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. E. SHAREHOLDER RIGHTS AND RESTRICTIONS
Statute text
View on source(a)An action brought against a corporation, the board of directors or an officer, shareholder, or agent of the corporation, or an owner of a beneficial interest in shares of the corporation for the violation of a preemptive right of a shareholder under Sections 21.203 and 21.204 must be brought not later than the earlier of:
(1)the first anniversary of the date written notice is given to each shareholder whose preemptive right was violated; or
(2)the fourth anniversary of the latest of:
(A)the date the corporation issued the shares, securities, or rights;
(B)the date the corporation sold the shares, securities, or rights; or
(C)the date the corporation otherwise distributed the shares, securities, or rights.
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 24, eff. September 1, 2011.