Sec. 6.101. RECORD DATE FOR PURPOSE OTHER THAN WRITTEN CONSENT TO ACTION. (a) Subject to this code, the governing documents of a domestic entity may provide the record date, or the manner of determining the record date, for:
(1) determining the owners or members of the entity entitled to:
(A) receive notice of a meeting of the owners or members;
(B) vote at a meeting of the owners or members or at any adjournment of a meeting; or
(C) receive a distribution from the entity other than a distribution involving a purchase or redemption by the entity of the entity's own securities; or
(2) any other proper purpose other than for determining the owners or members entitled to consent to action without a meeting of the owners or members.
(b) Subject to this code and the governing documents of a domestic entity, the governing authority of the entity, in advance, may provide a record date for determining the owners or members of the entity, except that the date may not be earlier than the 60th day before the date the action requiring the determination of owners or members is originally to be taken.
(c) Subject to this code and the governing documents of a domestic entity, the governing authority of the entity may provide for the closing of the ownership or membership transfer records of the entity for a period of not longer than 60 days to determine the owners or members of the entity for a purpose described by Subsection (a).
(d) If the owners or members of a domestic entity are not otherwise determined under this section, the record date for determining the owners or members of a domestic entity is the date on which:
(1) notice of the meeting is given to the owners or members entitled to notice of the meeting; or
(2) with respect to a distribution, other than a distribution involving a purchase or redemption by the domestic entity of any of its own securities, the governing authority adopts the resolution declaring the distribution.
(e) The record date for a meeting applies to any adjournment of the meeting unless:
(1) the owners or members entitled to vote are determined under Subsection (c); and
(2) the period during which the transfer records are closed expires.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 32, eff. September 1, 2007.
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 2, eff. September 1, 2011.