Tex. Bus. Orgs. Code § 21.718 · Subchapter O. CLOSE CORPORATION
STATEMENT OF OPERATION AS CLOSE CORPORATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On or after the formation of a close corporation or adoption of close corporation status, a close corporation that begins to conduct its business and affairs under a shareholders' agreement that has become effective shall promptly execute and file with the secretary of state a statement of operation as a close corporation in accordance with Chapter 4.
(b) The statement required by Subsection (a) must:
(1) contain the name of the close corporation;
(2) state that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement under this subchapter; and
(3) contain the date the operation of the corporation began.
(c) A statement of operation as a close corporation shall be executed by an officer on behalf of the corporation.
(d) On the filing of the statement of operation as a close corporation, the fact that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement becomes a matter of public record.
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 3c2cb764a1c9436145a17171bc5439d1757ccf792e022fd34d7b5553fb465b70
- 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.