Texas Business Organizations Code - Section 200.104. Issuance Of Shares
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§ 200.104. ISSUANCE OF SHARES. (a) A real estate
investment trust may issue shares for consideration if authorized
by the trust managers.
(b) Shares may not be issued until the consideration,
determined in accordance with this subchapter, has been paid to the
real estate investment trust or to another entity of which all of
the outstanding ownership interests are directly or indirectly
owned by the real estate investment trust. When the consideration
is paid:
(1) the shares are considered to be issued;
(2) the shareholder entitled to receive the shares is
a shareholder with respect to the shares; and
(3) the shares are considered fully paid and
nonassessable.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.057 200.058 200.059 200.060 200.101 200.102 200.103 200.104 200.105 200.106 200.107 200.108 200.109 200.110 200.111
Last modified: August 11, 2007
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