Texas Business Organizations Code

§ 21.716 — ADOPTION OF AMENDMENT OF SHAREHOLDERS' AGREEMENT

BO § 21.716Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. O. CLOSE CORPORATION

Statute text

Unless otherwise provided by a shareholders' agreement, an amendment to the shareholders' agreement of a close corporation may be adopted only by the written consent of each person who would be required to execute the shareholders' agreement if it were being executed originally at the time of adoption of the amendment, regardless of whether the person has voting power in the close corporation.

Legislative history

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