Tex. Bus. Orgs. Code § 21.721 · Subchapter O. CLOSE CORPORATION
DELIVERY OF COPY OF SHAREHOLDERS' AGREEMENT TO TRANSFEREE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Before the transfer of shares of a close corporation in which there is a shareholders' agreement, the transferor shall deliver a complete copy of the shareholders' agreement to the transferee.
(b) If the transferor fails to deliver a complete copy of the shareholders' agreement:
(1) the validity and enforceability of the shareholders' agreement against each shareholder of the corporation, including the transferee, is not affected;
(2) the right, title, or interest of the transferee in the transferred shares is not adversely affected; and
(3) the transferee is entitled to obtain on demand from the transferor or from the close corporation a complete copy of the shareholders' agreement at the transferor's expense.
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 0233bffb34c6c5239ce21f6b3c03ed8c1f1712a7e14e93848f8cbf2580d7c151
- 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 § 21.721. Each shows the citation as that text prints it.
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