Texas Business Organizations Code 200.266 – Revocability of Proxy
Current as of: 2024 | Check for updates
|
Other versions
(a) In this section, a “proxy coupled with an interest” includes the appointment as proxy of:
(1) a pledgee;
(2) a person who purchased or agreed to purchase the shares subject to the proxy;
(3) a person who owns or holds an option to purchase the shares subject to the proxy;
(4) a creditor of the real estate investment trust who extended the real estate investment trust credit under terms requiring the appointment;
(5) an employee of the real estate investment trust whose employment contract requires the appointment; or
(6) a party to a voting agreement created under Section 6.252.
(b) A proxy is revocable unless:
(1) the proxy form conspicuously states that the proxy is irrevocable; and
(2) the proxy is coupled with an interest.
Terms Used In Texas Business Organizations Code 200.266
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. 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