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Texas Business Organizations Code

§ 21.307 — PAYMENT OF REDEEMED SHARES

BO § 21.307Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. G. DISTRIBUTIONS AND SHARE DIVIDENDS

Statute text

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(a)Payment of a certificated share shall be made only on the surrender of the respective share certificate.
(b)A corporation may give a transfer agent described by Section 21.306 irrevocable instructions to pay, on or after the date set for redemption of redeemable shares, the redemptive price to the respective holders of the shares as evidenced by a list of shareholders certified by an officer of the corporation.

Legislative history

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

Source: Texas Business Organizations Code § 21.307 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.