Texas Business Organizations Code - Section 10.055. General Effect Of Interest Exchange
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 10.055. General Effect Of Interest Exchange
§ 10.055. GENERAL EFFECT OF INTEREST EXCHANGE. When an
interest exchange takes effect:
(1) the ownership or membership interest of each
acquired organization is exchanged as provided in the plan of
exchange, and the former owners whose interests are exchanged under
the plan of exchange are entitled only to the rights provided in the
certificate of exchange or, if applicable, a right to receive the
fair value for the ownership or membership interests provided under
Subchapter H; and
(2) the acquiring organization has all rights, title,
and interests with respect to the ownership or membership interest
to be acquired by it subject to the provisions of the certificate of
exchange.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 10.008 10.009 10.010 10.051 10.052 10.053 10.054 10.055 10.056 10.101 10.102 10.103 10.104 10.105 10.106
Last modified: August 11, 2007
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