81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 16 of 64
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S.B. No. 1442
1 Section 10.356 has no further rights regarding the ownership
2 interest subject to the petition.
3 SECTION 20. Subsection (b), Section 10.366, Business
4 Organizations Code, is amended to read as follows:
5 (b) An owner who has demanded payment for the owner's
6 ownership interest under Section 10.356 is not entitled to vote or
7 exercise any other rights of an [am eh] owner with respect to the
8 ownership interest except the right to:
9 ( (1) receive payment for the ownership interest under
10 this subchapter; and
11 T (2) bring an appropriate action to obtain relief on
12 the ground that the action to which the demand relates would be or
13 was fraudulent.
14 SECTION 21. Subsection (b), Section 10.367, Business
15 Organizations Code, is amended to read as follows:
16 (b) On termination of the right of dissent under this
18 (1) the dissenting owner and all persons claiming a
19 right under the owner are conclusively presumed to have approved
20 and ratified the action to which the owner dissented and are bound
21 by that action;
22 (2) the owner's right to be paid the fair value of the
23 owner's ownership interests ceases
24 (3) [and] the owner's status as an owner of those
25 ownership interests is restored, as if the owner's demand for
26 payment of the fair value of the ownership interests had not been
27 made under Section 10.356, [sithet -pe4- toany -i^tr-
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/16/: accessed April 30, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.