Texas Business Organizations Code 21.751 – Definitions
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Terms Used In Texas Business Organizations Code 21.751
- 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
- Inter vivos: Transfer of property from one living person to another living person.
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
In this subchapter:
(1) “Court” means a district court in the county in which the principal office of the close corporation is located.
(2) “Custodian” means a person appointed by a court under § 21.761.
(3) “Provisional director” means a person appointed by a court under § 21.758.
(4) “Shareholder” means a record or beneficial owner of shares in a close corporation, including:
(A) a person holding a beneficial interest in the shares under an inter vivos, testamentary, or voting trust; or
(B) the personal representative, as defined by the Estates Code, of a record or beneficial owner.