Texas Business Organizations Code - Section 6.103. Record Date For Suspended Distributions
Legal Research Home >
Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 6.103. Record Date For Suspended Distributions
§ 6.103. RECORD DATE FOR SUSPENDED DISTRIBUTIONS. (a) In
this section, "distribution" includes a distribution that:
(1) was payable to an owner or member but not paid and
was held in suspension by the entity making the distribution; or
(2) is paid or delivered by the entity making the
distribution into an escrow account or to a trustee or custodian.
(b) A distribution made by a domestic entity shall be
payable by the entity, or an escrow agent, trustee, or custodian of
the distribution, to the owner or member determined on the record
date for the distribution as provided by this subchapter.
(c) The right to a distribution under this section may be
transferred by contract, by operation of law, or under the laws of
descent and distribution.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 6.002 6.003 6.051 6.052 6.053 6.101 6.102 6.103 6.151 6.152 6.153 6.154 6.155 6.156 6.201
Last modified: August 11, 2007
|
