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Texas Statutes, Title BO

Texas/Statutes

← All Texas coverage

Title BO, Business Organizations Code

31 chapters · 1,359 sections in this title.

All chapters in Title BO1,359 Ch 21, Chapter 21254 Ch 22, Chapter 22121 Ch 101, Chapter 101116 Ch 200, Chapter 200106 Ch 153, Chapter 15391 Ch 152, Chapter 15290 Ch 11, Chapter 1167 Ch 10, Chapter 1065 Ch 5, Chapter 553 Ch 3, Chapter 347 Ch 9, Chapter 942 Ch 4, Chapter 436 Ch 251, Chapter 25136 Ch 23, Chapter 2334

106 sections·Filtered byTitle BO✕Ch 200✕

Tex. Business Organizations Code § 200.001 Definition
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Sec. 200.001. DEFINITION. In this chapter, "real estate investment trust" means an unincorporated trust: (1) formed by one or more trust managers under this chapter and Chapter 3; and (2) managed under this chapter. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Tex. Business Organizations Code § 200.002 Applicability of Chapter
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Sec. 200.002. APPLICABILITY OF CHAPTER. (a) The provisions of Chapters 20 and 21 govern a matter to the extent that this chapter or Title 1 does not govern the matter. (b) An unincorporated trust that does not meet the requirements of this chapter is an unincorporated association…
Tex. Business Organizations Code § 200.003 Conflict With Other Law
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Sec. 200.003. CONFLICT WITH OTHER LAW. In case of conflict between this chapter and Chapters 20 and 21, this chapter controls. Chapters 20 and 21 do not control over this chapter merely because a provision of Chapter 20 or 21 is more or less extensive, restrictive, or detailed th…
Tex. Business Organizations Code § 200.004 Ultra Vires Acts
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Sec. 200.004. ULTRA VIRES ACTS. (a) Lack of capacity of a real estate investment trust may not be the basis of any claim or defense at law or in equity. (b) An act of a real estate investment trust or a transfer of property by or to a real estate investment trust is not invalid b…

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Tex. Business Organizations Code § 200.005 Supplementary Powers of Real Estate Investment Trust

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Sec. 200.005. SUPPLEMENTARY POWERS OF REAL ESTATE INVESTMENT TRUST. (a) Subject to Section 2.113(a) and in addition to the powers specified in Section 2.101, a real estate investment trust may engage in activities mandated or authorized by: (1) provisions of the Internal Revenue …

Tex. Business Organizations Code § 200.006 Requirement That Filing Instrument Be Signed By Officer

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Sec. 200.006. REQUIREMENT THAT FILING INSTRUMENT BE SIGNED BY OFFICER. Unless otherwise provided by this chapter, a filing instrument of a real estate investment trust may be signed by an officer of the real estate investment trust. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan…

Tex. Business Organizations Code § 200.051 Declaration of Trust

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Sec. 200.051. DECLARATION OF TRUST. For purposes of this code, the certificate of formation of a real estate investment trust is a declaration of trust. The certificate of formation may be titled "declaration of trust" or "certificate of formation." Acts 2003, 78th Leg., ch. 182,…

Tex. Business Organizations Code § 200.052 No Property Right In Certificate of Formation

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Sec. 200.052. NO PROPERTY RIGHT IN CERTIFICATE OF FORMATION. A shareholder of a real estate investment trust does not have a vested property right resulting from the certificate of formation, including a provision in the certificate of formation relating to the management, contro…

Tex. Business Organizations Code § 200.053 Procedures To Adopt Amendment To Certificate of Formation

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Sec. 200.053. PROCEDURES TO ADOPT AMENDMENT TO CERTIFICATE OF FORMATION. (a) To adopt an amendment to the certificate of formation of a real estate investment trust as provided by Subchapter B, Chapter 3, the trust managers shall: (1) adopt a resolution stating the proposed amend…

Tex. Business Organizations Code § 200.054 Adoption of Amendment By Trust Managers

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Sec. 200.054. ADOPTION OF AMENDMENT BY TRUST MANAGERS. If a real estate investment trust does not have any issued and outstanding shares, the trust managers may adopt a proposed amendment to the real estate investment trust's certificate of formation by resolution without shareho…

Tex. Business Organizations Code § 200.055 Adoption of Amendment By Shareholders

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Sec. 200.055. ADOPTION OF AMENDMENT BY SHAREHOLDERS. If a real estate investment trust has issued and outstanding shares: (1) a resolution described by Section 200.053 must also direct that the proposed amendment be submitted to a vote of the shareholders at a meeting; and (2) th…

Tex. Business Organizations Code § 200.056 Notice of and Meeting To Consider Proposed Amendment

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Sec. 200.056. NOTICE OF AND MEETING TO CONSIDER PROPOSED AMENDMENT. (a) Each shareholder of record entitled to vote shall be given written notice containing the proposed amendment or a summary of the changes to be effected within the time and in the manner provided by this code f…

Tex. Business Organizations Code § 200.057 Adoption of Restated Certificate of Formation

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Sec. 200.057. ADOPTION OF RESTATED CERTIFICATE OF FORMATION. (a) A real estate investment trust may adopt a restated certificate of formation as provided by Subchapter B, Chapter 3, by following the same procedures to amend its certificate of formation under Sections 200.053-200.…

Tex. Business Organizations Code § 200.058 Bylaws

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Sec. 200.058. BYLAWS. (a) The trust managers of a real estate investment trust shall adopt initial bylaws. (b) The bylaws may contain provisions for the regulation and management of the affairs of the real estate investment trust that are consistent with law and the real estate i…

Tex. Business Organizations Code § 200.059 Dual Authority

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Sec. 200.059. DUAL AUTHORITY. Unless the certificate of formation or a bylaw adopted by the shareholders provides otherwise as to all or a part of a real estate investment trust's bylaws, the shareholders of a real estate investment trust may amend, repeal, or adopt the bylaws of…

Tex. Business Organizations Code § 200.060 Organization Meeting

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Sec. 200.060. ORGANIZATION MEETING. (a) After the real estate investment trust has been formed, the initial trust managers of the real estate investment trust shall hold an organization meeting, at the call of a majority of those trust managers, for the purpose of adopting bylaws…

Tex. Business Organizations Code § 200.101 Number

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Sec. 200.101. NUMBER. A real estate investment trust may issue the number of shares stated in the real estate investment trust's certificate of formation. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Tex. Business Organizations Code § 200.102 Classification of Shares

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Sec. 200.102. CLASSIFICATION OF SHARES. A real estate investment trust may provide in the real estate investment trust's certificate of formation: (1) that a specified class of shares is preferred over another class of shares as to its distributive share of the assets on voluntar…

Tex. Business Organizations Code § 200.103 Classes of Shares Established By Trust Managers

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Sec. 200.103. CLASSES OF SHARES ESTABLISHED BY TRUST MANAGERS. (a) A real estate investment trust may provide in the real estate investment trust's certificate of formation that the trust managers may classify or reclassify any unissued shares by setting or changing the preferenc…

Tex. Business Organizations Code § 200.104 Issuance of Shares

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Sec. 200.104. ISSUANCE OF SHARES. (a) A real estate investment trust may issue shares for consideration if authorized by the trust managers. (b) Shares may not be issued until the consideration, determined in accordance with this subchapter, has been paid to the real estate inves…

Tex. Business Organizations Code § 200.105 Types of Consideration For Issuance of Shares

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Sec. 200.105. TYPES OF CONSIDERATION FOR ISSUANCE OF SHARES. Shares with or without par value may be issued by a real estate investment trust for the following types of consideration: (1) a tangible or intangible benefit to the real estate investment trust; (2) cash; (3) a promis…

Tex. Business Organizations Code § 200.106 Determination of Consideration For Shares

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Sec. 200.106. DETERMINATION OF CONSIDERATION FOR SHARES. Consideration to be received by a real estate investment trust for shares shall be determined by the trust managers. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Tex. Business Organizations Code § 200.107 Amount of Consideration For Issuance of Shares With Par Value

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Sec. 200.107. AMOUNT OF CONSIDERATION FOR ISSUANCE OF SHARES WITH PAR VALUE. Consideration to be received by a real estate investment trust for the issuance of shares with par value may not be less than the par value of the shares. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan.…

Tex. Business Organizations Code § 200.108 Value of Consideration

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Sec. 200.108. VALUE OF CONSIDERATION. In the absence of fraud in the transaction, the judgment of the trust managers is conclusive in determining the value of the consideration received for the shares. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Tex. Business Organizations Code § 200.109 Liability of Assignee Or Transferee

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Sec. 200.109. LIABILITY OF ASSIGNEE OR TRANSFEREE. An assignee or transferee of certificated shares, uncertificated shares, or a subscription for shares in good faith and without knowledge that full consideration for the shares or subscription has not been paid may not be held pe…

Tex. Business Organizations Code § 200.110 Subscriptions

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Sec. 200.110. SUBSCRIPTIONS. (a) A real estate investment trust may accept a subscription by notifying the subscriber in writing. (b) A subscription to purchase shares in a real estate investment trust that is in the process of being formed is irrevocable for six months if the su…

Tex. Business Organizations Code § 200.111 Preformation Subscription

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Sec. 200.111. PREFORMATION SUBSCRIPTION. (a) A real estate investment trust may determine the payment terms of a preformation subscription unless the payment terms are specified by the subscription. The payment terms may authorize payment in full on acceptance or by installments.…

Tex. Business Organizations Code § 200.112 Commitment In Connection With Purchase of Shares

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Sec. 200.112. COMMITMENT IN CONNECTION WITH PURCHASE OF SHARES. (a) A person who contemplates the acquisition of shares in a real estate investment trust may commit to act in a specified manner with respect to the shares after the acquisition, including the voting of the shares o…

Tex. Business Organizations Code § 200.113 Supplemental Required Records

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Sec. 200.113. SUPPLEMENTAL REQUIRED RECORDS. In addition to the books and records required to be kept under Section 3.151, a real estate investment trust must keep at its principal office or place of business, or at the office of its transfer agent or registrar, a record of the n…

Tex. Business Organizations Code § 200.151 Registered Holders As Owners

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Sec. 200.151. REGISTERED HOLDERS AS OWNERS. Except as otherwise provided by this code and subject to Chapter 8, Business & Commerce Code, a real estate investment trust may consider the person registered as the owner of a share in the share transfer records of the real estate inv…

Tex. Business Organizations Code § 200.152 No Statutory Preemptive Right Unless Specifically Provided By Certificate of Formation

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Sec. 200.152. NO STATUTORY PREEMPTIVE RIGHT UNLESS SPECIFICALLY PROVIDED BY CERTIFICATE OF FORMATION. A shareholder of a real estate investment trust does not have a preemptive right to acquire securities except to the extent specifically provided by the certificate of formation.…

Tex. Business Organizations Code § 200.153 Characterization and Transfer of Shares and Other Securities

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Sec. 200.153. CHARACTERIZATION AND TRANSFER OF SHARES AND OTHER SECURITIES. Except as otherwise provided by this code, the shares and other securities of a real estate investment trust are: (1) personal property for all purposes; and (2) transferable in accordance with Chapter 8,…

Tex. Business Organizations Code § 200.154 Restriction On Transfer of Shares and Other Securities

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Sec. 200.154. RESTRICTION ON TRANSFER OF SHARES AND OTHER SECURITIES. (a) A restriction on the transfer or registration of transfer of a security may be imposed by: (1) the real estate investment trust's certificate of formation; (2) the real estate investment trust's bylaws; (3)…

Tex. Business Organizations Code § 200.155 Valid Restriction On Transfer

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Sec. 200.155. VALID RESTRICTION ON TRANSFER. Notwithstanding Sections 200.154 and 200.157, a restriction placed on the transfer or registration of transfer of a security of a real estate investment trust is valid if the restriction reasonably: (1) obligates the holder of the rest…

Tex. Business Organizations Code § 200.156 Bylaw Or Agreement Restricting Transfer of Shares Or Other Securities

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Sec. 200.156. BYLAW OR AGREEMENT RESTRICTING TRANSFER OF SHARES OR OTHER SECURITIES. (a) A real estate investment trust that has adopted a bylaw or is a party to an agreement that restricts the transfer of the shares or other securities of the real estate investment trust may fil…

Tex. Business Organizations Code § 200.157 Enforceability of Restriction On Transfer of Certain Securities

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Sec. 200.157. ENFORCEABILITY OF RESTRICTION ON TRANSFER OF CERTAIN SECURITIES. (a) A restriction placed on the transfer or registration of the transfer of a security of a real estate investment trust is specifically enforceable against the holder, or a successor or transferee of …

Tex. Business Organizations Code § 200.158 Joint Ownership of Shares

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Sec. 200.158. JOINT OWNERSHIP OF SHARES. (a) If shares are registered on the books of a real estate investment trust in the names of two or more persons as joint owners with the right of survivorship and one of the owners dies, the real estate investment trust may record on its b…

Tex. Business Organizations Code § 200.159 Liability For Designating Owner of Shares

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Sec. 200.159. LIABILITY FOR DESIGNATING OWNER OF SHARES. A real estate investment trust or an officer, trust manager, employee, or agent of the real estate investment trust may not be held liable for considering a person to be the owner of a share for a purpose described by Secti…

Tex. Business Organizations Code § 200.160 Liability Regarding Joint Ownership of Shares

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Sec. 200.160. LIABILITY REGARDING JOINT OWNERSHIP OF SHARES. A real estate investment trust that transfers shares or makes a distribution to a surviving joint owner under Section 200.158 before the real estate investment trust has received a written claim for the shares or distri…

Tex. Business Organizations Code § 200.161 Limitation of Liability For Obligations

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Sec. 200.161. LIMITATION OF LIABILITY FOR OBLIGATIONS. (a) A holder of shares, an owner of any beneficial interest in shares, or a subscriber for shares whose subscription has been accepted is not under an obligation to the real estate investment trust or its obligees with respec…

Tex. Business Organizations Code § 200.162 Preemption of Liability

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Sec. 200.162. PREEMPTION OF LIABILITY. The liability of a holder, beneficial owner, or subscriber of shares of a real estate investment trust for an obligation that is limited by Section 200.161 is exclusive and preempts any other liability imposed for that obligation under commo…

Tex. Business Organizations Code § 200.163 Exceptions To Limitations

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Sec. 200.163. EXCEPTIONS TO LIMITATIONS. Section 200.161 or 200.162 does not limit the obligation of a holder, beneficial owner, or subscriber to the obligee of the real estate investment trust if that person: (1) expressly assumes, guarantees, or agrees to be personally liable t…

Tex. Business Organizations Code § 200.164 Pledgees and Trust Administrators

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Sec. 200.164. PLEDGEES AND TRUST ADMINISTRATORS. (a) A pledgee or other holder of shares as collateral security is not personally liable as a shareholder. (b) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver is not per…

Tex. Business Organizations Code § 200.201 Authority For Distributions

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Sec. 200.201. AUTHORITY FOR DISTRIBUTIONS. The trust managers of a real estate investment trust may authorize a distribution and the real estate investment trust may make a distribution, subject to Section 200.202 and any restriction in the certificate of formation. Acts 2003, 78…

Tex. Business Organizations Code § 200.202 Limitations On Distributions

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Sec. 200.202. LIMITATIONS ON DISTRIBUTIONS. (a) A real estate investment trust may not make a distribution: (1) if the real estate investment trust would be insolvent after the distribution; or (2) that is more than the surplus of the real estate investment trust. (b) Notwithstan…

Tex. Business Organizations Code § 200.203 Priority of Distributions

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Sec. 200.203. PRIORITY OF DISTRIBUTIONS. A real estate investment trust's indebtedness that arises as a result of the declaration of a distribution and a real estate investment trust's indebtedness issued in a distribution are at parity with the real estate investment trust's ind…

Tex. Business Organizations Code § 200.204 Reserves, Designations, and Allocations From Surplus

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Sec. 200.204. RESERVES, DESIGNATIONS, AND ALLOCATIONS FROM SURPLUS. (a) A real estate investment trust, by resolution of the trust managers of the real estate investment trust, may: (1) create a reserve out of the surplus of the real estate investment trust; or (2) designate or a…

Tex. Business Organizations Code § 200.205 Authority For Share Dividends

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Sec. 200.205. AUTHORITY FOR SHARE DIVIDENDS. The trust managers of a real estate investment trust may authorize a share dividend, and the real estate investment trust may pay a share dividend subject to Section 200.206 and any restriction in the certificate of formation. Acts 200…

Tex. Business Organizations Code § 200.206 Limitations On Share Dividends

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Sec. 200.206. LIMITATIONS ON SHARE DIVIDENDS. (a) A real estate investment trust may not pay a share dividend in authorized but unissued shares of any class if the surplus of the real estate investment trust is less than the amount required by Section 200.208 to be transferred to…

Tex. Business Organizations Code § 200.207 Value of Shares Issued As Share Dividends

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Sec. 200.207. VALUE OF SHARES ISSUED AS SHARE DIVIDENDS. (a) A share dividend payable in authorized but unissued shares with par value shall be issued at the par value of the shares. (b) A share dividend payable in authorized but unissued shares without par value shall be issued …