81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 52 of 64
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S.B. No. 1442
1 (2) the contract or transaction is fair to the real
2 estate investment trust when the contract or transaction is
3 authorized, approved, or ratified by the trust managers, a
4 committee of the trust managers, or the shareholders.
5 SECTION 59. Subsection (a), Section 402.005, Business
6 Organizations Code, is amended to read as follows:
7 (a) On or after January 1, 2010, if a domestic entity formed
8 before January 1, 2006, or a foreign filing entity registered with
9 the secretary of state to transact business in this state before
10 January 1, 2006, has not taken the actions specified by Section
11 402.003 [I4A2.0Ga+-] or 402.004 to elect to adopt this code:
12 (1) this code applies ti the entity and all actions
13 taken by the managerial officials, owners, or members of the
14 entity, except as otherwise expressly provided by this title;
15 (2) if the entity is a domestic or foreign filing
16 entity, the entity is not considered to have failed to comply with
17 this code if the entity's certificate of formation or application
18 for registration, as appropriate, does not comply with this code;
19 (3) if the entity is a domestic filing entity, the
20 entity shall conform its certificate of formation to the
21 requirements of this code when it next files an amendment to its
22 certificate of formation; and
23 (4) if the entity is a foreign filing entity, the
24 entity shall conform its application for registration to the
25 requirements of this code when it next files an amendment to its
26 application for registration.
27 SECTION 60. Section 9.406, Business & Commerce Code, is
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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/m1/52/: accessed October 18, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.