Tex. Bus. Orgs. Code § 21.051 · Subchapter B. FORMATION AND GOVERNING DOCUMENTS
NO PROPERTY RIGHT IN CERTIFICATE OF FORMATION.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
A shareholder of a corporation does not have a vested property right resulting from the certificate of formation, including a provision in the certificate of formation relating to the management, control, capital structure, dividend entitlement, purpose, or duration of the corporation.
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.21.htm
- Text hash
- sha256 a721be1a5c83fb7d049e34e054030555881343630d416e7f5d0719400f0c3052
- 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
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.