Tex. Business Organizations Code § 21.252
This is the official text of Tex. Business Organizations Code § 21.252, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 21.252. CANCELLATION OF TREASURY SHARES.
Official statutory text
(a) A corporation, by resolution of the board of directors of the corporation, may cancel all or part of the corporation's treasury shares at any time.
(b) Upon the cancellation of treasury shares, the stated capital of the corporation shall be reduced by that part of the stated capital that was, at the time of the cancellation, represented by the canceled shares, and the canceled shares shall be restored to the status of authorized but unissued shares.
(c) This section does not prohibit a cancellation of shares or a reduction of stated capital in any other manner permitted by law.
(b) Upon the cancellation of treasury shares, the stated capital of the corporation shall be reduced by that part of the stated capital that was, at the time of the cancellation, represented by the canceled shares, and the canceled shares shall be restored to the status of authorized but unissued shares.
(c) This section does not prohibit a cancellation of shares or a reduction of stated capital in any other manner permitted by law.
Status: in_force · Read it on the official government site
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