Texas § BO.21.958 - DERIVATIVE SUITS
Full text of Texas The Texas Constitution § BO.21.958 — DERIVATIVE SUITS, with citation guidance and answers to common questions.
§ BO.21.958. DERIVATIVE SUITS
DERIVATIVE SUITS. (a) In this section, "shareholder" means: (1) shareholders of a public benefit corporation that own, individually or collectively, at least two percent of the corporation's outstanding shares; or (2) shareholders of a public benefit corporation the shares of which are listed on a national securities exchange that own at least the lesser of: (A) the percentage of shares described by Subdivision (1); or (B) shares whose market value is at least $2 million. (b) A shareholder of a public benefit corporation may maintain a derivative action on behalf of the corporation to enforce compliance with the requirements of Section 21.956 (a). Added by Acts 2017, 85th Leg., R.S., Ch. 776 (H.B. 3488 ), Sec. 4, eff. September 1, 2017.
Frequently Asked Questions About Texas § BO.21.958
What does The Texas Constitution § BO.21.958 cover?
Section BO.21.958 ("DERIVATIVE SUITS") 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.21.958?
A common citation format is "The Texas Constitution § BO.21.958" (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.21.958 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.