Texas Business Organizations Code 21.310 – Authority for Share Dividends
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Business Organizations Code 21.310
- 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 - 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
- Share: means a unit into which the ownership interest in a for-profit corporation, professional corporation, real estate investment trust, or professional association is divided, regardless of whether the share is certificated or uncertificated. See Texas Business Organizations Code 1.002
The board of directors of a corporation may authorize a share dividend and the corporation may pay a share dividend subject to § 21.311 and any restriction in its certificate of formation.