Texas Business Organizations Code - Section 10.052. Plan Of Exchange: Required Provisions
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§ 10.052. PLAN OF EXCHANGE: REQUIRED PROVISIONS. (a) A
plan of exchange must include:
(1) the name of each domestic entity the ownership or
membership interests of which are to be acquired;
(2) the name of each acquiring organization;
(3) if there is more than one acquiring organization,
the ownership or membership interests to be acquired by each
organization;
(4) the terms and conditions of the exchange; and
(5) the manner and basis of exchanging the ownership
or membership interests to be acquired for:
(A) ownership or membership interests,
obligations, rights to purchase securities, or other securities of
one or more of the acquiring organizations that is a party to the
plan of exchange;
(B) cash;
(C) other property, including ownership or
membership interests, obligations, rights to purchase securities,
or other securities of any other person or entity; or
(D) any combination of those items.
(b) The manner and basis of exchanging an ownership or
membership interest of an owner or member that is exchanged in a
manner or basis different from any other owner or member having
ownership or membership interests of the same class or series must
be included in the plan of exchange in the same manner as provided
by Subsection (a)(5).
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 10.005 10.006 10.007 10.008 10.009 10.010 10.051 10.052 10.053 10.054 10.055 10.056 10.101 10.102 10.103
Last modified: August 11, 2007
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