Texas Business Organizations Code 200.105 – Types of Consideration for Issuance of Shares
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Terms Used In Texas Business Organizations Code 200.105
- Contract: A legal written agreement that becomes binding when signed.
- Organization: means a corporation, limited or general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, bank, insurance company, credit union, savings and loan association, or other organization, regardless of whether the organization is for-profit, nonprofit, domestic, or foreign. See Texas Business Organizations Code 1.002
- Property: includes tangible and intangible property and an interest in that property. 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
Shares with or without par value may be issued by a real estate investment trust for the following types of consideration:
(1) a tangible or intangible benefit to the real estate investment trust;
(2) cash;
(3) a promissory note;
(4) services performed or a contract for services to be performed;
(5) a security of the real estate investment trust or any other organization; and
(6) any other property of any kind or nature.