(a) In this section, “shareholder” means:
(1) shareholders of a public benefit corporation that own, individually or collectively, at least two percent of the corporation‘s outstanding shares; or
(2) shareholders of a public benefit corporation the shares of which are listed on a national securities exchange that own at least the lesser of:
(A) the percentage of shares described by Subdivision (1); or
(B) shares whose market value is at least $2 million.
(b) A shareholder of a public benefit corporation may maintain a derivative action on behalf of the corporation to enforce compliance with the requirements of § 21.956(a).

Terms Used In Texas Business Organizations Code 21.958

  • 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
  • National securities exchange: means an exchange registered as a national securities exchange under Section 6, Securities Exchange Act of 1934 (15 U. See Texas Business Organizations Code 1.002
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