Texas Business Organizations Code - Section 200.209. Determination Of Solvency, Net Assets, Stated Capital, And Surplus
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§ 200.209. DETERMINATION OF SOLVENCY, NET ASSETS, STATED
CAPITAL, AND SURPLUS. (a) The determination of whether a real
estate investment trust is or would be insolvent and the
determination of the value of a real estate investment trust's net
assets, stated capital, or surplus and each of the components of net
assets, stated capital, or surplus may be based on:
(1) financial statements of the real estate investment
trust that present the financial condition of the real estate
investment trust in accordance with generally accepted accounting
principles, including financial statements that include subsidiary
entities or other entities accounted for on a consolidated basis or
on the equity method of accounting;
(2) financial statements prepared using the method of
accounting used to file the real estate investment trust's federal
income tax return or using any other accounting practices and
principles that are reasonable under the circumstances;
(3) financial information, including condensed or
summary financial statements, that is prepared on the same basis as
financial statements described by Subdivision (1) or (2);
(4) a projection, a forecast, or other forward-looking
information relating to the future economic performance, financial
condition, or liquidity of the real estate investment trust that is
reasonable under the circumstances;
(5) a fair valuation or information from any other
method that is reasonable under the circumstances; or
(6) a combination of a statement, a valuation, or
information authorized by this section.
(b) Subsection (a) does not apply to the computation of any
tax imposed under the laws of this state.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.202 200.203 200.204 200.205 200.206 200.207 200.208 200.209 200.210 200.211 200.251 200.252 200.253 200.254 200.255
Last modified: August 11, 2007
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