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Texas Business Organizations Code - Section 200.204. Reserves, Designations, And Allocations From Surplus

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 200.204. Reserves, Designations, And Allocations From Surplus

§ 200.204. RESERVES, DESIGNATIONS, AND ALLOCATIONS FROM 
SURPLUS.  (a) A real estate investment trust, by resolution of the 
trust managers of the real estate investment trust, may:
		(1)  create a reserve out of the surplus of the real 
estate investment trust;  or
		(2)  designate or allocate in any manner a part or all 
of the real estate investment trust's surplus for a proper purpose.
	(b)  A real estate investment trust may increase, decrease, 
or abolish a reserve, designation, or allocation in the manner 
provided by Subsection (a).

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007