Texas Business Organizations Code 21.171 – Outstanding or Treasury Shares
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(a) Shares that are issued are outstanding shares unless the shares are treasury shares or are canceled.
(b) If there are outstanding shares, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation on the winding up and termination of the corporation must be outstanding shares.
Terms Used In Texas Business Organizations Code 21.171
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
(c) Treasury shares are considered to be issued shares and not outstanding shares.
(d) Treasury shares may not be included in the total assets of a corporation for purposes of determining the net assets of a corporation.