Sec. 21.162. VALUE AND SUFFICIENCY OF CONSIDERATION. In the absence of fraud in the transaction, the judgment of the board of directors, the shareholders, or the party approving the plan of conversion or the plan of merger, as appropriate, is conclusive in determining the value and sufficiency of the consideration received for the shares.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter D. Shares, Options, and Convertible Securities
Section 21.151. Number of Authorized Shares
Section 21.152. Classes and Series of Shares
Section 21.153. Designations, Preferences, Limitations, and Rights of a Class or Series
Section 21.154. Certain Optional Characteristics of Shares
Section 21.155. Series of Shares Established by Board of Directors
Section 21.156. Actions With Respect to Series of Shares
Section 21.157. Issuance of Shares
Section 21.158. Issuance of Shares Under Plan of Merger or Conversion
Section 21.159. Types of Consideration for Shares
Section 21.160. Determination of Consideration for Shares
Section 21.161. Amount of Consideration for Issuance of Certain Shares
Section 21.162. Value and Sufficiency of Consideration
Section 21.163. Issuance and Disposition of Fractional Shares or Scrip
Section 21.164. Rights of Holders of Fractional Shares or Scrip
Section 21.166. Preformation Subscription
Section 21.167. Commitment to Purchase Shares
Section 21.168. Stock Rights, Options, and Convertible Indebtedness
Section 21.169. Terms and Conditions of Rights and Options
Section 21.170. Consideration for Rights, Options, and Convertible Indebtedness
Section 21.171. Outstanding or Treasury Shares
Section 21.172. Expenses of Organization, Reorganization, and Financing of Corporation