Texas § BO.21.301 - DEFINITIONS
Full text of Texas The Texas Constitution § BO.21.301 — DEFINITIONS, with citation guidance and answers to common questions.
§ BO.21.301. DEFINITIONS
DEFINITIONS. In this subchapter: (1) "Distribution limit," with respect to a distribution made by a corporation, other than a distribution described by Subdivision (2), means: (A) the net assets of the corporation if the distribution: (i) is a purchase or redemption of its own shares by a corporation that: (a) is eliminating fractional shares; (b) is collecting or compromising indebtedness owed by or to the corporation; or (c) is paying dissenting shareholders entitled to payment for their shares under this code; or (ii) is made by a consuming assets corporation and is not the purchase or redemption of its own shares; or (B) the surplus of the corporation for a distribution not described by Paragraph (A). (2) "Distribution limit," with respect to a distribution that is a purchase or redemption of its own shares by an investment company the certificate of formation of which provides that the company may purchase the company's own shares out of stated capital, means the net assets of the investment company rather than the surplus of the investment company. (3) "Investment company" means a corporation registered as an open-end company under the Investment Company Act. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 9 (S.B. 847 ), Sec. 4, eff. September 1, 2013.
Frequently Asked Questions About Texas § BO.21.301
What does The Texas Constitution § BO.21.301 cover?
Section BO.21.301 ("DEFINITIONS") 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.21.301?
A common citation format is "The Texas Constitution § BO.21.301" (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.21.301 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.