Texas Business Organizations Code 200.102 – Classification of Shares
Terms Used In Texas Business Organizations Code 200.102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - Conversion: means :
(A) the continuance of a domestic entity as a non-code organization of any type;
(B) the continuance of a non-code organization as a domestic entity of any type;
(C) the continuance of a domestic entity of one type as a domestic entity of another type;
(D) the continuance of a domestic entity of one type as a foreign entity of the same type that may be treated as a domestication, continuance, or transfer transaction under the laws of the jurisdiction of formation of the foreign entity; or
(E) the continuance of a foreign entity of one type as a domestic entity of the same type that may be treated as a domestication, continuance, or transfer transaction under the laws of the jurisdiction of formation of the foreign entity. See Texas Business Organizations Code 1.002 - Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
- Real estate investment trust: means an entity governed as a real estate investment trust under Title 5. See Texas Business Organizations Code 1.002
- Share: means a unit into which the ownership interest in a for-profit corporation, professional corporation, real estate investment trust, or professional association is divided, regardless of whether the share is certificated or uncertificated. See Texas Business Organizations Code 1.002
A real estate investment trust may provide in the real estate investment trust’s certificate of formation:
(1) that a specified class of shares is preferred over another class of shares as to its distributive share of the assets on voluntary or involuntary liquidation of the real estate investment trust;
(2) the amount of a preference described by Subdivision (1);
(3) that a specified class of shares may be redeemed at the option of the real estate investment trust or of the holders of the shares;
(4) the terms and conditions of a redemption of shares described by Subdivision (3), including the time and price of redemption;
(5) that a specified class of shares may be converted into shares of one or more other classes;
(6) the terms and conditions of a conversion described by Subdivision (5);
(7) that a holder of a specified security issued or to be issued by the real estate investment trust has voting or other rights authorized by law; and
(8) for other preferences, rights, restrictions, including restrictions on transferability, and qualifications consistent with law.