Texas Business Organizations Code 200.306 – Term of Trust Manager
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(a) Except as provided by the certificate of formation or bylaws of a real estate investment trust, a trust manager of the real estate investment trust serves until the trust manager’s successor is elected.
(b) A trust manager may succeed himself or herself in office.
Terms Used In Texas Business Organizations Code 200.306
- 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 - Manager: means a person designated as a manager of a limited liability company that is not managed by members of the company. 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
(c) If a successor trust manager is not elected, the trust manager in office continues to serve as trust manager until the trust manager’s successor is elected.