Texas Business Organizations Code - Section 200.102. Classification Of Shares
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§ 200.102. CLASSIFICATION OF SHARES. A real estate
investment trust may provide in the real estate investment trust's
certificate of formation:
(1) that a specified class of shares is preferred over
another class of shares as to its distributive share of the assets
on voluntary or involuntary liquidation of the real estate
investment trust;
(2) the amount of a preference described by
Subdivision (1);
(3) that a specified class of shares may be redeemed at
the option of the real estate investment trust or of the holders of
the shares;
(4) the terms and conditions of a redemption of shares
described by Subdivision (3), including the time and price of
redemption;
(5) that a specified class of shares may be converted
into shares of one or more other classes;
(6) the terms and conditions of a conversion described
by Subdivision (5);
(7) that a holder of a specified security issued or to
be issued by the real estate investment trust has voting or other
rights authorized by law; and
(8) for other preferences, rights, restrictions,
including restrictions on transferability, and qualifications
consistent with law.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.055 200.056 200.057 200.058 200.059 200.060 200.101 200.102 200.103 200.104 200.105 200.106 200.107 200.108 200.109
Last modified: August 11, 2007
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