Sec. 21.912. VALID SHARES OR PUTATIVE SHARES. In the absence of actual fraud in the transaction, the judgment of the board of directors of a corporation that shares of the corporation are valid shares or putative shares is conclusive, unless otherwise determined by the district court in a proceeding brought under Section 21.914.
Added by Acts 2015, 84th Leg., R.S., Ch. 32 (S.B. 860), Sec. 30, eff. September 1, 2015.
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