Tex. Business Organizations Code § 200.104
This is the official text of Tex. Business Organizations Code § 200.104, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 200.104. ISSUANCE OF SHARES.
Official statutory text
(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 investment trust or to another entity of which all of the outstanding ownership interests are directly or indirectly owned by the real estate investment trust. When the consideration is paid:
(1) the shares are considered to be issued;
(2) the shareholder entitled to receive the shares is a shareholder with respect to the shares; and
(3) the shares are considered fully paid and nonassessable.
(b) Shares may not be issued until the consideration, determined in accordance with this subchapter, has been paid to the real estate investment trust or to another entity of which all of the outstanding ownership interests are directly or indirectly owned by the real estate investment trust. When the consideration is paid:
(1) the shares are considered to be issued;
(2) the shareholder entitled to receive the shares is a shareholder with respect to the shares; and
(3) the shares are considered fully paid and nonassessable.
Status: in_force · Read it on the official government site
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