S.B. No. 1442
1 outstanding shares.
2 (c) Treasury shares are considered to be issued shares and
3 not outstanding shares.
4 (d) 14.] Treasury shares may not be included in the total
5 assets of a corporation for purposes of determining the net assets
6 of a corporation.
7 SECTION 33. Section 21.201, Business Organizations Code, is
8 amended to read as follows:
9 Sec. 21.201. REGISTERED HOLDERS AS OWNERS; SHARES HELD BY
10 NOMINEES. (a) Except as otherwise provided by this code and
11 subject to Chapter 8, Business & Commerce Code, a corporation may
12 consider the person registered as the owner of a share in the share
13 transfer records of the corporation at a particular time, including
14 a record date set under Section 6.101 or 6.102 or Subchapter H, as
15 the owner of that share at that time for purposes of:
16 (1) voting the share;
17 (2) receiving distributions on the share;
18 (3) transferring the share;
19 (4) receiving notice, exercising rights of dissent,
20 exercising or waiving a preemptive right, or giving proxies with
21 respect to that share;
22 (5) entering into agreements with respect to that
23 share in accordance with Section 6.251, 6.252, or 21.210; or
24 (6) any other shareholder action.
25 ,(b) A corporation may establish a procedure by which the
26 corporation recognizes as a shareholder the beneficial owner of
27 shares registered in the name of a nominee.
Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84. [Austin, Texas]. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth310916/. Accessed March 4, 2015.