Texas Business Organizations Code 21.551 – Definitions
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Terms Used In Texas Business Organizations Code 21.551
- 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
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Foreign: means , with respect to an entity, that the entity is formed under, and the entity's internal affairs are governed by, the laws of a jurisdiction other than this state. See Texas Business Organizations Code 1.002
In this subchapter:
(1) “Derivative proceeding” means a civil suit in the right of a domestic corporation or, to the extent provided by § 21.562, in the right of a foreign corporation.
(2) “Shareholder” includes a shareholder as defined by § 1.002 or a beneficial owner whose shares are held in a voting trust or by a nominee on the beneficial owner’s behalf.