Sec. 200.304. NUMBER OF TRUST MANAGERS. (a) The certificate of formation or bylaws of the real estate investment trust shall set the number of trust managers or provide for the manner of determining the number of trust managers, except that the certificate of formation shall set the number constituting the initial trust managers.
(b) The number of trust managers may be increased or decreased by amendment to, or as provided by, the certificate of formation or bylaws. A decrease in the number of trust managers may not shorten the term of an incumbent trust manager.
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
Section 200.301. Management by Trust Managers
Section 200.302. Designation of Trust Managers
Section 200.303. Trust Manager Eligibility Requirements
Section 200.304. Number of Trust Managers
Section 200.306. Term of Trust Manager
Section 200.307. Staggered Terms of Trust Managers
Section 200.309. Notice of Meeting
Section 200.311. Committees of Trust Managers
Section 200.312. Liability of Trust Managers
Section 200.313. Statute of Limitations on Certain Action Against Trust Managers
Section 200.314. Immunity From Liability for Performance of Duty
Section 200.315. Right of Contribution
Section 200.317. Contracts or Transactions Involving Interested Trust Managers and Officers