Texas § BO.21.166 - PREFORMATION SUBSCRIPTION
Full text of Texas The Texas Constitution § BO.21.166 — PREFORMATION SUBSCRIPTION, with citation guidance and answers to common questions.
§ BO.21.166. PREFORMATION SUBSCRIPTION
PREFORMATION SUBSCRIPTION. (a) The corporation may determine the payment terms of a preformation subscription unless the payment terms are specified by the subscription. The payment terms may authorize payment in full on acceptance or by installments. (b) Unless the subscription provides otherwise, a corporation shall make calls placed to all subscribers of similar interests for payment on preformation subscriptions uniform as far as practicable. (c) After the corporation is formed, if a subscriber fails to pay any installment or call when due, a corporation may: (1) collect in the same manner as any other debt the amount due on any unpaid preformation subscription; or (2) forfeit the subscription if the installment or call remains unpaid for 20 days after written notice to the subscriber. (d) Although the forfeiture of a subscription terminates all the rights and obligations of the subscriber, the corporation may retain any amount previously paid on the subscription. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Frequently Asked Questions About Texas § BO.21.166
What does The Texas Constitution § BO.21.166 cover?
Section BO.21.166 ("PREFORMATION SUBSCRIPTION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.21.166?
A common citation format is "The Texas Constitution § BO.21.166" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.21.166 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.