Texas Business Organizations Code 21.910 – Adoption of Resolutions; Effect On Putative Shares
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Terms Used In Texas Business Organizations Code 21.910
- 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
On or after the validation effective time, unless determined otherwise in an action brought under § 21.914 and subject to § 21.907(e), each putative share or fraction of a putative share issued or purportedly issued pursuant to a defective corporate act ratified in accordance with this subchapter and described by the resolutions adopted under Sections 21.903 and 21.904 may not be considered void or voidable and is considered to be an identical share or fraction of a share outstanding as of the time it was purportedly issued.