Texas Business Organizations Code - Section 21.203. No Statutory Preemptive Right Unless Provided By Certificate Of Formation
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§ 21.203. NO STATUTORY PREEMPTIVE RIGHT UNLESS PROVIDED
BY CERTIFICATE OF FORMATION. (a) Except as provided by Section
21.208, a shareholder of a corporation does not have a preemptive
right under this subchapter to acquire the corporation's unissued
or treasury shares except to the extent provided by the
corporation's certificate of formation.
(b) If the certificate of formation includes a statement
that the corporation "elects to have a preemptive right" or a
similar statement, Section 21.204 applies to a shareholder except
to the extent the certificate of formation expressly provides
otherwise.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.169 21.170 21.171 21.172 21.173 21.201 21.202 21.203 21.204 21.205 21.206 21.207 21.208 21.209 21.210
Last modified: August 11, 2007
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