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Texas Business Organizations Code

§ 21.461 — PLEDGE, MORTGAGE, DEED OF TRUST, OR TRUST INDENTURE

BO § 21.461Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. J. FUNDAMENTAL BUSINESS TRANSACTIONS

Statute text

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Except as provided by the corporation's certificate of formation:
(1)the board of directors of a corporation may authorize a pledge, mortgage, deed of trust, or trust indenture; and
(2)an authorization or consent of shareholders is not required for the validity of the transaction or for any sale under the terms of the transaction.

Legislative history

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

Source: Texas Business Organizations Code § 21.461 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.