Texas Business Organizations Code 22.053 – Dividends Prohibited
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Terms Used In Texas Business Organizations Code 22.053
- 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
Except as provided by § 22.054, a dividend may not be paid to, and no part of the income of a corporation may be distributed to, the corporation‘s members, directors, or officers.