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Texas Business Corporation Act - Article 4.13. Special Provisions Relating To Surplus And Reserves

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Art. 4.13. Special Provisions Relating to Surplus and Reserves                

A corporation may, by resolution of its board of directors, create a 
reserve or reserves out of its surplus or designate or allocate any 
part or all of surplus in any manner for any proper purpose or 
purposes, and may increase, decrease, or abolish any such reserve, 
designation, or allocation in the same manner.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955.  Amended by 
Acts 1987, 70th Leg., ch. 93, Sec. 22, eff. Aug. 31, 1987.

Last modified: August 10, 2007