Sec. 4001.303. PROFITS AFTER DEATH OF SHAREHOLDER OF CORPORATE AGENCY. (a) On the death of a shareholder of a corporate licensed agency, the surviving spouse and children, if any, of the deceased shareholder, or a trust for the surviving spouse and children, may share in the profits of the corporate agency during the lifetime of the surviving spouse or children as provided by a contract entered into by each shareholder and the corporation.
(b) The surviving spouse and children or trust is not required to qualify as an agent to share in the profits of the corporation but may not perform an act of an agent on behalf of the corporation without qualifying as an agent.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Subtitle A - General Provisions
Chapter 4001 - Agent Licensing in General
Subchapter G. Other Persons Who May Share in Profits of Agency
Section 4001.301. Profits After Death of Agent Who Is Member of Agency Partnership
Section 4001.302. Profits After Death of Agent Who Is Sole Proprietor
Section 4001.303. Profits After Death of Shareholder of Corporate Agency
Section 4001.304. Transfer of Interest in Agency by Agent Who Is Sole Proprietor
Section 4001.305. Transfer of Interest in Agency by Shareholder of Corporate Agency