Texas § BO.21.726 - SHAREHOLDERS CONSIDERED DIRECTORS
Full text of Texas The Texas Constitution § BO.21.726 — SHAREHOLDERS CONSIDERED DIRECTORS, with citation guidance and answers to common questions.
§ BO.21.726. SHAREHOLDERS CONSIDERED DIRECTORS
SHAREHOLDERS CONSIDERED DIRECTORS. (a) When required by the context of this chapter, the shareholders of a close corporation described by Section 21.725 are considered to be directors of the close corporation for purposes of applying a provision of this chapter, other than a provision relating to the election and removal of directors. (b) A requirement that an instrument filed with a governmental agency contain a statement that a specified action has been taken by the board of directors is satisfied by a statement that: (1) the corporation is a close corporation with no board of directors; and (2) the action was approved by the shareholders of the close corporation or the persons empowered to manage the business and affairs of the close corporation under a shareholders' agreement. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Frequently Asked Questions About Texas § BO.21.726
What does The Texas Constitution § BO.21.726 cover?
Section BO.21.726 ("SHAREHOLDERS CONSIDERED DIRECTORS") 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.21.726?
A common citation format is "The Texas Constitution § BO.21.726" (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.21.726 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.