Texas Business Organizations Code - Section 21.160. Determination Of Consideration For Shares
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§ 21.160. DETERMINATION OF CONSIDERATION FOR SHARES. (a)
Subject to Subsection (b), consideration to be received for shares
must be determined:
(1) by the board of directors;
(2) by a plan of conversion, if the shares are to be
issued by a converted corporation under the plan; or
(3) by a plan of merger, if the shares are to be issued
under the plan by a corporation created under the plan.
(b) If the corporation's certificate of formation reserves
to the shareholders the right to determine the consideration to be
received for shares without par value, the shareholders shall
determine the consideration for those shares before the shares are
issued. The board of directors may not determine the consideration
for shares under this subsection.
(c) A corporation may dispose of treasury shares for
consideration that may be determined by the board of directors.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.153 21.154 21.155 21.156 21.157 21.158 21.159 21.160 21.161 21.162 21.163 21.164 21.165 21.166 21.167
Last modified: August 11, 2007
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