Texas Business Organizations Code - Section 200.103. Classes Of Shares Established By Trust Managers
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§ 200.103. CLASSES OF SHARES ESTABLISHED BY TRUST
MANAGERS. (a) A real estate investment trust may provide in the
real estate investment trust's certificate of formation that the
trust managers may classify or reclassify any unissued shares by
setting or changing the preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends,
qualifications, or terms or conditions of redemption of the shares.
(b) Before issuing shares, the trust managers who perform as
authorized by the certificate of formation an action described by
Subsection (a) must file with the county clerk of the county of the
principal place of business of the real estate investment trust a
statement of designation that contains:
(1) a description of the shares, including the
preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and
terms and conditions of redemption, as set or changed by the trust
managers; and
(2) a statement that the shares have been classified
or reclassified by the trust managers as authorized by the
certificate of formation.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.056 200.057 200.058 200.059 200.060 200.101 200.102 200.103 200.104 200.105 200.106 200.107 200.108 200.109 200.110
Last modified: August 11, 2007
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