Sec. 200.259. CUMULATIVE VOTING IN ELECTION OF TRUST MANAGERS. (a) Cumulative voting is allowed only if specifically authorized by the certificate of formation of a real estate investment trust.
(b) Cumulative voting occurs when a shareholder:
(1) gives one candidate as many votes as the total of the number of the trust managers to be elected multiplied by the shareholder's shares; or
(2) distributes the votes among one or more candidates using the same principle.
(c) If cumulative voting is specifically authorized by the certificate of formation, a shareholder who intends to cumulate votes must give written notice of that intention to the trust managers on or before the day preceding the date of the election at which the shareholder intends to cumulate votes.
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 F. Shareholders' Meetings; Voting and Quorum
Section 200.251. Annual Meeting
Section 200.252. Special Meetings
Section 200.253. Notice of Meeting
Section 200.254. Closing of Share Transfer Records
Section 200.255. Record Date for Written Consent to Action
Section 200.256. Record Date for Purpose Other Than Written Consent to Action
Section 200.258. Voting in Election of Trust Managers
Section 200.259. Cumulative Voting in Election of Trust Managers
Section 200.260. Voting on Matters Other Than Election of Trust Managers
Section 200.261. Vote Required to Approve Fundamental Action
Section 200.262. Changes in Vote Required for Certain Matters
Section 200.263. Number of Votes per Share
Section 200.264. Voting in Person or by Proxy
Section 200.265. Term of Proxy
Section 200.266. Revocability of Proxy