Tex. Bus. Orgs. Code § 21.304 · Subchapter G. DISTRIBUTIONS AND SHARE DIVIDENDS
REDEMPTIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A distribution by a corporation that involves a redemption of outstanding redeemable shares of the corporation subject to redemption may be related to any or all of those shares.
(b) If less than all of the outstanding redeemable shares of a corporation subject to redemption are to be redeemed, the shares to be redeemed shall be selected for redemption:
(1) in accordance with the corporation's certificate of formation; or
(2) ratably or by lot in the manner prescribed by resolution of the corporation's board of directors, if the certificate of formation does not specify how shares are to be selected for redemption.
(c) A redemption of redeemable shares takes effect by call and written notice of the redemption of the shares.
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 d8b063878bbdd30db9d1e85b5cb1e0de7e004b265b81e4a2f32b9b7221e14e0b
- 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 1 provision
Provisions in this library whose text cites Tex. Bus. Orgs. Code § 21.304. Each shows the citation as that text prints it.
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