Texas Business Organizations Code - Section 200.154. Restriction On Transfer Of Shares And Other Securities
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 200.154. Restriction On Transfer Of Shares And Other Securities
§ 200.154. RESTRICTION ON TRANSFER OF SHARES AND OTHER
SECURITIES. (a) A restriction on the transfer or registration of
transfer of a security may be imposed by:
(1) the real estate investment trust's certificate of
formation;
(2) the real estate investment trust's bylaws;
(3) a written agreement among two or more holders of
the securities; or
(4) a written agreement among one or more holders of
the securities and the real estate investment trust if:
(A) the real estate investment trust files a copy
of the agreement at the principal place of business or registered
office of the real estate investment trust; and
(B) the copy of the agreement is subject to the
same right of examination by a shareholder of the real estate
investment trust, in person or by agent, attorney, or accountant,
as the books and records of the real estate investment trust.
(b) A restriction imposed under Subsection (a) is not valid
with respect to a security issued before the restriction has been
adopted, unless the holder of the security voted in favor of the
restriction or is a party to the agreement imposing the
restriction.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.110 200.111 200.112 200.113 200.151 200.152 200.153 200.154 200.155 200.156 200.157 200.158 200.159 200.160 200.161
Last modified: August 11, 2007
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