Texas Business Organizations Code 200.351 – Investments
Current as of: 2024 | Check for updates
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Terms Used In Texas Business Organizations Code 200.351
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. 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
- Officer: means an individual elected, appointed, or designated as an officer of an entity by the entity's governing authority or under the entity's governing documents. 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
A trust manager or officer of a real estate investment trust has complete discretion with respect to the investment of the trust estate unless the investment is contrary to or inconsistent with:
(1) this chapter;
(2) a provision of the Internal Revenue Code relating to or governing real estate investment trusts; or
(3) regulations adopted under a provision of the Internal Revenue Code relating to or governing real estate investment trusts.