Tex. Bus. Orgs. Code § 200.103 · Subchapter C. SHARES
CLASSES OF SHARES ESTABLISHED BY TRUST MANAGERS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A real estate investment trust may provide in the real estate investment trust's certificate of formation that the trust managers may classify or reclassify any unissued shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the shares.
(b) Before issuing shares, the trust managers who perform as authorized by the certificate of formation an action described by Subsection (a) must file with the county clerk of the county of the principal place of business of the real estate investment trust a statement of designation that contains:
(1) a description of the shares, including the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, as set or changed by the trust managers; and
(2) a statement that the shares have been classified or reclassified by the trust managers as authorized by the certificate of formation.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.200.htm
- Text hash
- sha256 d7193074383f4b9d3f92d4691596dd45f56cdc5b35d2cf7b2f481474d3acddb3
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 3 provisions
Provisions in this library whose text cites Tex. Bus. Orgs. Code § 200.103. Each shows the citation as that text prints it.
Business Organizations Code
- Tex. Bus. Orgs. Code § 3.012SUPPLEMENTAL PROVISIONS REQUIRED IN CERTIFICATE OF FORMATION OF REAL ESTATE INVESTMENT TRUST.Printed as Section 200.102 or 200.103
- Tex. Bus. Orgs. Code § 200.261VOTE REQUIRED TO APPROVE FUNDAMENTAL ACTION.Printed as Section 200.103
- Tex. Bus. Orgs. Code § 200.311COMMITTEES OF TRUST MANAGERS.Printed as Section 200.103
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.