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Texas Business Organizations Code

§ 303.004 — REDEMPTION OF SHARES; PRICE AND TERMS

BO § 303.004Title 7. PROFESSIONAL ENTITIES · Ch. 303. PROVISIONS RELATING TO PROFESSIONAL CORPORATIONS

Statute text

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(a)A professional corporation may redeem shares of a shareholder, including a deceased shareholder.
(b)The price and other terms of a redemption of shares may be:
(1)agreed to between the board of directors of the professional corporation and the shareholder or the shareholder's personal representative; or
(2)specified in the governing documents of the professional corporation or an applicable agreement.

Legislative history

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

Source: Texas Business Organizations Code § 303.004 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.