Texas Business Organizations Code - Section 21.157. Issuance Of Shares
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§ 21.157. ISSUANCE OF SHARES. (a) Except as provided by
Section 21.158, a corporation may issue shares for consideration if
authorized by the board of directors of the corporation.
(b) Shares may not be issued until the consideration,
determined in accordance with this subchapter, has been paid or
delivered as required in connection with the authorization of the
shares. When the consideration is paid or delivered:
(1) the shares are considered to be issued;
(2) the subscriber or other person entitled to receive
the shares is a shareholder with respect to the shares; and
(3) the shares are considered fully paid and
nonassessable.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.109 21.151 21.152 21.153 21.154 21.155 21.156 21.157 21.158 21.159 21.160 21.161 21.162 21.163 21.164
Last modified: August 11, 2007
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