Sec. 200.260. VOTING ON MATTERS OTHER THAN ELECTION OF TRUST MANAGERS. (a) Subject to Subsection (b), with respect to a matter other than the election of trust managers or a matter for which the affirmative vote of the holders of a specified portion of the shares entitled to vote is required by this code, the affirmative vote of the holders of the majority of the shares entitled to vote on, and who voted for, against, or expressly abstained with respect to, the matter at a shareholders' meeting of a real estate investment trust at which a quorum is present is the act of the shareholders.
(b) With respect to a matter other than the election of trust managers or a matter for which the affirmative vote of the holders of a specified portion of the shares entitled to vote is required by this code, the certificate of formation or bylaws of a real estate investment trust may provide that the act of the shareholders of the real estate investment trust is:
(1) the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on that matter;
(2) the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on that matter and represented in person or by proxy at a shareholders' meeting at which a quorum is present;
(3) the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on, and who voted for or against, the matter at a shareholders' meeting at which a quorum is present; or
(4) the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on, and who voted for, against, or expressly abstained with respect to, the matter at a shareholders' meeting at which a quorum is present.
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