Texas Business Organizations Code

§ 21.301 — DEFINITIONS

BO § 21.301Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. G. DISTRIBUTIONS AND SHARE DIVIDENDS

In this subchapter:

(1)"Distribution limit," with respect to a distribution made by a corporation, other than a distribution described by Subdivision (2), means:

(A)the net assets of the corporation if the distribution:

(i)is a purchase or redemption of its own shares by a corporation that:

(a)is eliminating fractional shares;

(b)is collecting or compromising indebtedness owed by or to the corporation; or

…

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847), Sec. 4, eff. September 1, 2013.