81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 21 of 64
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S,B. No. 1442
1 (1) one or more classes or series of shares that
2 together have unlimited voting rights; and
3 . (2) one or more classes or series of shares, which may
4 be the same class or series of shares as those with voting rights,
5 that together are entitled to receive the net assets of the
6 corporation on winding up and termination.
7 SECTION 28. Subsection (a), Section 21.153, Business
8 Organizations Code, is amended to read as follows:
9 (a) If more than one class or series of shares is authorized
10 under Section 21.152(d), the certificate of formation must state
11 [Ekht - :io auhorizo_ a: of . 6.. e. t
12 have] the designations, preferences, limitations, and relative
13 rights, including voting rights, of each class or series [ea4eed-.-
14 thue po_- ienh os etifieat oe f6o eatiem ].
15 SECTION 29. Subsection (a), Section 21.154, Business
16 Organizations Code, is amended to read as follows:
17 (a) Subject to Sections 21.152 and [ehtien] 21.153, if
18 authorized by the corporation's certificate of formation, a
19 corporation may issue shares that:
20 (1) are redeemable, at the option of the corporation,
21 shareholder, or other person or on the occurrence of a designated
22 event, subject to Sections 21.303 and 21.304;
23 (2) entitle the holders of the shares to cumulative,
24 noncumulative, or partially cumulative distributions;
25 (3) have preferences over any or all other classes or
26 series of shares with respect to payment of distributions;
27 (4) have preferences over any or all other classes or
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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/m1/21/: accessed April 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.