Texas Business Organizations Code 21.912 – Valid Shares or Putative Shares
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Terms Used In Texas Business Organizations Code 21.912
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- Fraud: Intentional deception resulting in injury to another.
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 § 21.914.