Revocability of Proxy

Sec. 200.266. REVOCABILITY OF PROXY. (a) In this section, a "proxy coupled with an interest" includes the appointment as proxy of: (1) a pledgee; (2) a person who purchased or agreed to purchase the shares subject to the proxy; (3) a person who owns or holds an option to purchase the shares subject to the proxy; (4) a creditor of the real estate investment trust who extended the real estate investment trust credit under terms requiring the appointment; (5) an employee of the real estate investment trust whose employment contract requires the appointment; or (6) a party to a voting agreement created under Section 6.252. (b) A proxy is revocable unless: (1) the proxy form conspicuously states that the proxy is irrevocable; and (2) the proxy is coupled with an interest. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.