Texas Business Organizations Code - Section 200.208. Transfer Of Surplus For Share Dividends
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 200.208. Transfer Of Surplus For Share Dividends
§ 200.208. TRANSFER OF SURPLUS FOR SHARE DIVIDENDS. (a)
When a share dividend payable in authorized but unissued shares
with par value is made by a real estate investment trust, an amount
of surplus designated by the trust managers that is not less than
the aggregate par value of the shares issued as a share dividend
shall be transferred to stated capital.
(b) When a share dividend payable in authorized but unissued
shares without par value is made by a real estate investment trust,
an amount of surplus equal to the aggregate value set by the trust
managers with respect to the shares under Section 200.207(b) shall
be transferred to stated capital.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.201 200.202 200.203 200.204 200.205 200.206 200.207 200.208 200.209 200.210 200.211 200.251 200.252 200.253 200.254
Last modified: August 11, 2007
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