Sec. 200.204. RESERVES, DESIGNATIONS, AND ALLOCATIONS FROM SURPLUS. (a) A real estate investment trust, by resolution of the trust managers of the real estate investment trust, may:
(1) create a reserve out of the surplus of the real estate investment trust; or
(2) designate or allocate in any manner a part or all of the real estate investment trust's surplus for a proper purpose.
(b) A real estate investment trust may increase, decrease, or abolish a reserve, designation, or allocation in the manner provided by Subsection (a).
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 5 - Real Estate Investment Trusts
Chapter 200 - Real Estate Investment Trusts
Subchapter E. Distributions and Share Dividends
Section 200.201. Authority for Distributions
Section 200.202. Limitations on Distributions
Section 200.203. Priority of Distributions
Section 200.204. Reserves, Designations, and Allocations From Surplus
Section 200.205. Authority for Share Dividends
Section 200.206. Limitations on Share Dividends
Section 200.207. Value of Shares Issued as Share Dividends
Section 200.208. Transfer of Surplus for Share Dividends
Section 200.209. Determination of Solvency, Net Assets, Stated Capital, and Surplus