Sec. 303.004. REDEMPTION OF SHARES; PRICE AND TERMS. (a) A professional corporation may redeem shares of a shareholder, including a deceased shareholder.
(b) The price and other terms of a redemption of shares may be:
(1) agreed to between the board of directors of the professional corporation and the shareholder or the shareholder's personal representative; or
(2) specified in the governing documents of the professional corporation or an applicable agreement.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 7 - Professional Entities
Chapter 303 - Provisions Relating to Professional Corporations
Section 303.001. Applicability of Certain Provisions Governing For-Profit Corporations
Section 303.002. Authority and Liability of Shareholder
Section 303.003. Notice of Restriction on Transfer of Shares
Section 303.004. Redemption of Shares; Price and Terms
Section 303.005. Existence of Professional Corporation Before Winding Up and Termination