Sec. 21.910. ADOPTION OF RESOLUTIONS; EFFECT ON PUTATIVE SHARES. On or after the validation effective time, unless determined otherwise in an action brought under Section 21.914 and subject to Section 21.907(e), each putative share or fraction of a putative share issued or purportedly issued pursuant to a defective corporate act ratified in accordance with this subchapter and described by the resolutions adopted under Sections 21.903 and 21.904 may not be considered void or voidable and is considered to be an identical share or fraction of a share outstanding as of the time it was purportedly issued.
Added by Acts 2015, 84th Leg., R.S., Ch. 32 (S.B. 860), Sec. 30, eff. September 1, 2015.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 75 (S.B. 1518), Sec. 23, eff. September 1, 2017.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter R. Ratification of Defective Corporate Acts or Shares; Proceedings
Section 21.902. Ratification of Defective Corporate Act and Putative Shares
Section 21.903. Ratification of Defective Corporate Act; Adoption of Resolutions
Section 21.904. Quorum and Voting Requirements for Adoption of Resolutions
Section 21.905. Shareholder Approval of Ratified Defective Corporate Act Required; Exception
Section 21.907. Shareholder Meeting; Quorum and Voting
Section 21.908. Certificate of Validation
Section 21.909. Adoption of Resolutions; Effect on Defective Corporate Act
Section 21.910. Adoption of Resolutions; Effect on Putative Shares
Section 21.911. Notice to Shareholders Following Ratification of Defective Corporate Act
Section 21.912. Valid Shares or Putative Shares
Section 21.913. Ratification Procedures or Court Proceedings Concerning Validation Not Exclusive
Section 21.914. Proceeding Regarding Validity of Defective Corporate Acts and Shares