Sec. 21.307. PAYMENT OF REDEEMED SHARES. (a) Payment of a certificated share shall be made only on the surrender of the respective share certificate.
(b) A corporation may give a transfer agent described by Section 21.306 irrevocable instructions to pay, on or after the date set for redemption of redeemable shares, the redemptive price to the respective holders of the shares as evidenced by a list of shareholders certified by an officer of the corporation.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter G. Distributions and Share Dividends
Section 21.302. Authority for Distributions
Section 21.303. Limitations on Distributions
Section 21.305. Notice of Redemption
Section 21.306. Deposit of Money for Redemption
Section 21.307. Payment of Redeemed Shares
Section 21.308. Priority of Distributions
Section 21.309. Reserves, Designations, and Allocations From Surplus
Section 21.310. Authority for Share Dividends
Section 21.311. Limitations on Share Dividends
Section 21.312. Value of Shares Issued as Share Dividends
Section 21.313. Transfer of Surplus for Share Dividends
Section 21.314. Determination of Solvency, Net Assets, Stated Capital, and Surplus
Section 21.315. Date of Determination of Solvency, Net Assets, Stated Capital, and Surplus
Section 21.316. Liability of Directors for Wrongful Distributions
Section 21.317. Statute of Limitations on Action for Wrongful Distribution
Section 21.318. Contribution From Certain Shareholders and Directors