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Texas Business Organizations Code

§ 22.053 — DIVIDENDS PROHIBITED

BO § 22.053Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. B. PURPOSES AND POWERS

Statute text

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Except as provided by Section 22.054, a dividend may not be paid to, and no part of the income of a corporation may be distributed to, the corporation's members, directors, or officers. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 121 (S.B. 1233), Sec. 2, eff. May 23, 2015.

Source: Texas Business Organizations Code § 22.053 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.