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Texas Business Organizations Code

§ 21.717 — DELIVERY OF SHAREHOLDERS' AGREEMENT

BO § 21.717Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. O. CLOSE CORPORATION

Statute text

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(a)The close corporation shall deliver a complete copy of a shareholders' agreement to:
(1)each person who is bound by the shareholders' agreement;
(2)each person who is or will become a shareholder in the close corporation as provided by Section 21.715 when a certificate representing shares in the close corporation is delivered to the person; and
(3)each person to whom a certificate representing shares is issued and who has not received a complete copy of the agreement.
(b)The failure to deliver a complete copy of a shareholders' agreement as required by this section does not affect the validity or enforceability of the shareholders' agreement.

Legislative history

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

Source: Texas Business Organizations Code § 21.717 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.