Court Opinions

State Laws

US Code

US Constitution

Texas Business Organizations Code - Section 200.210. Date Of Determination Of Surplus

Legal Research Home > Texas Laws > Business Organizations Code > Texas Business Organizations Code - Section 200.210. Date Of Determination Of Surplus

§ 200.210. DATE OF DETERMINATION OF SURPLUS.  (a) For 
purposes of this subchapter, a determination of whether a real 
estate investment trust is or would be made insolvent by a 
distribution or share dividend or a determination of the value of a 
real estate investment trust's surplus shall be made:
		(1)  on the date the distribution or share dividend is 
authorized by the trust managers of the real estate investment 
trust if the distribution or the share dividend is made not later 
than the 120th day after the date of authorization;  or
		(2)  if the distribution or the share dividend is made 
more than 120 days after the date of authorization:
			(A)  on the date designated by the trust managers 
if the date so designated is not earlier than 120 days before the 
date the distribution or the share dividend is made;  or
			(B)  on the date the distribution or the share 
dividend is made if the trust managers do not designate a date as 
described in Paragraph (A).
	(b)  For purposes of this section, a distribution that 
involves:             
		(1)  the incurrence by a real estate investment trust 
of indebtedness or a deferred payment obligation is considered to 
have been made on the date the indebtedness or obligation is 
incurred;  or
		(2)  a contract by the real estate investment trust to 
acquire any of its own shares is considered to have been made on the 
date when the contract is made or takes effect or on the date the 
shares are acquired, at the option of the real estate investment 
trust.

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

Last modified: August 11, 2007