81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 23 of 64
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S.B. No. 1442
including causing the shares that are placed in escrow or
restricted to be forfeited or returned to or reacquired by the
corporation and the distributions that have been credited to be
wholly or partly returned to the corporation.
SECTION 31. Subsection (a), Section 21.163, Business
Organizations Code, is amended to read as follows:
(a) A corporation may:
(1) issue fractions of a share, either certificated or
(2) arrange for the disposition of fractional
interests by persons entitled to the interests;
(3) pay cash for the fair value of fractions of a share
determined when the shareholders entitled to receive the fractions
are determined; or
(4) subject to Subsection (b), issue scrip in
registered [: -beae*] form that entitles the holder to receive a
certificate for a full share or an uncertificated full share on the
surrender of the scrip aggregating a full share.
SECTION 32. Section 21.171, Business Organizations Code, is
amended to read as follows:
Sec. 21.171. OUTSTANDING OR TREASURY SHARES. (a) Shares
that are issued are outstanding shares unless the shares are
treasury shares or are canceled.
(b) If there are outstanding shares, one or more shares that
together have unlimited voting rights and one or more shares that
together are entitled to receive the net assets of the corporation
on the winding up and termination of the corporation must be
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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/m1/23/: accessed April 26, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.