Texas § BO.21.304 - REDEMPTIONS
Full text of Texas The Texas Constitution § BO.21.304 — REDEMPTIONS, with citation guidance and answers to common questions.
§ BO.21.304. REDEMPTIONS
REDEMPTIONS. (a) A distribution by a corporation that involves a redemption of outstanding redeemable shares of the corporation subject to redemption may be related to any or all of those shares. (b) If less than all of the outstanding redeemable shares of a corporation subject to redemption are to be redeemed, the shares to be redeemed shall be selected for redemption: (1) in accordance with the corporation's certificate of formation; or (2) ratably or by lot in the manner prescribed by resolution of the corporation's board of directors, if the certificate of formation does not specify how shares are to be selected for redemption. (c) A redemption of redeemable shares takes effect by call and written notice of the redemption of the shares. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Frequently Asked Questions About Texas § BO.21.304
What does The Texas Constitution § BO.21.304 cover?
Section BO.21.304 ("REDEMPTIONS") 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.21.304?
A common citation format is "The Texas Constitution § BO.21.304" (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.21.304 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.