Texas § BO.21.169 - TERMS AND CONDITIONS OF RIGHTS AND OPTIONS
Full text of Texas The Texas Constitution § BO.21.169 — TERMS AND CONDITIONS OF RIGHTS AND OPTIONS, with citation guidance and answers to common questions.
§ BO.21.169. TERMS AND CONDITIONS OF RIGHTS AND OPTIONS
TERMS AND CONDITIONS OF RIGHTS AND OPTIONS. (a) The terms and conditions of rights or options may include restrictions or conditions that: (1) prohibit or limit the exercise, transfer, or receipt of the rights or options by certain persons or classes of persons, including: (A) a person who beneficially owns or offers to acquire a specified number or percentage of the outstanding common shares, voting power, or other securities of the corporation; or (B) a transferee of a person described by Paragraph (A); or (2) invalidate or void the rights or options held by a person or transferee described by Subdivision (1). (b) Rights or options created or issued before the effective date of this code that comply with this section and are not in conflict with other provisions of this code are ratified. (c) Except as provided by Section 21.168 , unless otherwise provided under the terms of rights or options or the agreement or plan under which the rights or options are issued, the authority to grant, amend, redeem, extend, or replace the rights or options on behalf of a corporation is vested exclusively in the board of directors of the corporation. A bylaw may not require the board to grant, amend, redeem, extend, or replace the rights or options. (d) Repealed by Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514 ), Sec. 59(2), eff. September 1, 2023. (e) Repealed by Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514 ), Sec. 59(2), eff. September 1, 2023. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2005, 79th Leg., Ch. 64 (H.B. 1319 ), Sec. 46, eff. January 1, 2006. Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514 ), Sec. 25, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514 ), Sec. 59(2), eff. September 1, 2023.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.21.169
What does The Texas Constitution § BO.21.169 cover?
Section BO.21.169 ("TERMS AND CONDITIONS OF RIGHTS AND OPTIONS") 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.21.169?
A common citation format is "The Texas Constitution § BO.21.169" (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.21.169 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.