Texas Business Organizations Code

§ 21.709 — STATEMENT TERMINATING CLOSE CORPORATION STATUS; FILING; NOTICE

BO § 21.709Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. O. CLOSE CORPORATION

Statute text

(a)If a close corporation provision specifies a time or event requiring the termination of close corporation status, regardless of whether the provision is identifiable by a person dealing with the close corporation, the termination of the close corporation status takes effect on the occurrence of the specified time or event and the filing of a statement terminating close corporation status under this section.

(b)Promptly after the time or occurrence of an event requiring termination of close corporation status, a statement terminating close corporation status shall be signed by an officer on behalf of the close corporation. A copy of the applicable close corporation provision must be included in or attached to the statement. The statement and any attachment shall be filed with the secretary of state in accordance with Chapter 4.

(c)The statement terminating close corporation status must contain:

(1)the name of the corporation;

(2)a statement that the corporation has terminated its status as a close corporation in accordance with the included or attached close corporation provision; and

(3)the time or event that caused the termination and, in the case of an event, the approximate date of the event.

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Legislative history

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