Sec. 200.208. TRANSFER OF SURPLUS FOR SHARE DIVIDENDS. (a) When a share dividend payable in authorized but unissued shares with par value is made by a real estate investment trust, an amount of surplus designated by the trust managers that is not less than the aggregate par value of the shares issued as a share dividend shall be transferred to stated capital.
(b) When a share dividend payable in authorized but unissued shares without par value is made by a real estate investment trust, an amount of surplus equal to the aggregate value set by the trust managers with respect to the shares under Section 200.207(b) shall be transferred to stated capital.
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