Tex. Business Organizations Code § 21.720
This is the official text of Tex. Business Organizations Code § 21.720, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 21.720. PERSONS BOUND BY SHAREHOLDERS' AGREEMENT.
Official statutory text
(a) A shareholders' agreement executed in accordance with Section 21.715 is:
(1) considered to be an agreement among all of the shareholders of the close corporation; and
(2) binding on and enforceable against each shareholder of the close corporation, regardless of whether:
(A) a particular shareholder acquired shares in the close corporation by purchase, gift, bequest, or otherwise; or
(B) the shareholder had actual knowledge of the existence of the shareholders' agreement at the time of acquiring shares.
(b) A transferee or assignee of shares of a close corporation in which there is a shareholders' agreement is bound by the agreement for all purposes, regardless of whether the transferee or assignee executed or was aware of the agreement.
(1) considered to be an agreement among all of the shareholders of the close corporation; and
(2) binding on and enforceable against each shareholder of the close corporation, regardless of whether:
(A) a particular shareholder acquired shares in the close corporation by purchase, gift, bequest, or otherwise; or
(B) the shareholder had actual knowledge of the existence of the shareholders' agreement at the time of acquiring shares.
(b) A transferee or assignee of shares of a close corporation in which there is a shareholders' agreement is bound by the agreement for all purposes, regardless of whether the transferee or assignee executed or was aware of the agreement.
Status: in_force · Read it on the official government site
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