Sec. 4053.110. REDEMPTION OF CORPORATE SHARES. A corporation acting as a managing general agent may redeem the shares of a shareholder or a deceased shareholder:
(1) on terms agreed on by the board of directors and the shareholder or the shareholder's personal representative; or
(2) at a price and on terms provided in the articles of incorporation, the bylaws, or an existing contract entered into between the shareholders.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Chapter 4053 - Managing General Agents
Subchapter C. Powers and Duties of Managing General Agents
Section 4053.101. General Powers and Duties
Section 4053.103. Account Report
Section 4053.104. Separate Records
Section 4053.105. Escrow Account
Section 4053.106. Fiduciary Capacity
Section 4053.107. Financial Examination