Sec. 21.051. NO PROPERTY RIGHT IN CERTIFICATE OF FORMATION. A shareholder of a corporation does not have a vested property right resulting from the certificate of formation, including a provision in the certificate of formation relating to the management, control, capital structure, dividend entitlement, purpose, or duration of the corporation.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter B. Formation and Governing Documents
Section 21.051. No Property Right in Certificate of Formation
Section 21.052. Procedures to Adopt Amendment to Certificate of Formation
Section 21.053. Adoption of Amendment by Board of Directors
Section 21.054. Adoption of Amendment by Shareholders
Section 21.055. Notice of and Meeting to Consider Proposed Amendment