Tex. Business Organizations Code § 21.912
This is the official text of Tex. Business Organizations Code § 21.912, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 21.912. VALID SHARES OR PUTATIVE SHARES.
Official statutory text
In the absence of actual fraud in the transaction, the judgment of the board of directors of a corporation that shares of the corporation are valid shares or putative shares is conclusive, unless otherwise determined by the district court in a proceeding brought under Section 21.914.
Status: in_force · Read it on the official government site
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