Texas Business Organizations Code 21.713 – Management
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Terms Used In Texas Business Organizations Code 21.713
- 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 - Close corporation: means a for-profit corporation that elects to be governed as a close corporation in accordance with Subchapter 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
A close corporation shall be managed:
(1) by a board of directors in the same manner an ordinary corporation would be managed under this chapter; or
(2) in the manner provided by the close corporation‘s certificate of formation or by a shareholders’ agreement of the close corporation.