Sec. 21.461. PLEDGE, MORTGAGE, DEED OF TRUST, OR TRUST INDENTURE. Except as provided by the corporation's certificate of formation:
(1) the board of directors of a corporation may authorize a pledge, mortgage, deed of trust, or trust indenture; and
(2) an authorization or consent of shareholders is not required for the validity of the transaction or for any sale under the terms of the transaction.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter J. Fundamental Business Transactions
Section 21.452. Approval of Merger
Section 21.453. Approval of Conversion
Section 21.454. Approval of Exchange
Section 21.455. Approval of Sale of All or Substantially All of Assets
Section 21.456. General Procedure for Submission to Shareholders of Fundamental Business Transaction
Section 21.457. General Vote Requirement for Approval of Fundamental Business Transaction
Section 21.458. Class Voting Requirements for Certain Fundamental Business Transactions
Section 21.459. No Shareholder Vote Requirement for Certain Fundamental Business Transactions
Section 21.460. Rights of Dissent and Appraisal
Section 21.461. Pledge, Mortgage, Deed of Trust, or Trust Indenture