Texas Business Organizations Code

§ 21.718 — STATEMENT OF OPERATION AS CLOSE CORPORATION

BO § 21.718Title 2. CORPORATIONS · Ch. 21. FOR-PROFIT CORPORATIONS · Art. O. CLOSE CORPORATION

Statute text

(a)On or after the formation of a close corporation or adoption of close corporation status, a close corporation that begins to conduct its business and affairs under a shareholders' agreement that has become effective shall promptly execute and file with the secretary of state a statement of operation as a close corporation in accordance with Chapter 4.

(b)The statement required by Subsection (a) must:

(1)contain the name of the close corporation;

(2)state that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement under this subchapter; and

(3)contain the date the operation of the corporation began.

(c)A statement of operation as a close corporation shall be executed by an officer on behalf of the corporation.

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Legislative history

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