Texas § IN.823.402 - PROHIBITION ON VOTING CERTAIN SECURITIES
Full text of Texas The Texas Constitution § IN.823.402 — PROHIBITION ON VOTING CERTAIN SECURITIES, with citation guidance and answers to common questions.
§ IN.823.402. PROHIBITION ON VOTING CERTAIN SECURITIES
PROHIBITION ON VOTING CERTAIN SECURITIES. (a) A security that is the subject of an agreement or arrangement regarding an acquisition or that is acquired or to be acquired in violation of this chapter or a rule or order under this chapter may not be voted at a shareholders' meeting or counted for quorum purposes. An action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the security was not outstanding. (b) An action taken at a shareholders' meeting is not invalidated by the voting of a security to which Subsection (a) applies unless: (1) the action would materially affect control of the insurer; or (2) a court of this state invalidates the action. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.823.402
What does The Texas Constitution § IN.823.402 cover?
Section IN.823.402 ("PROHIBITION ON VOTING CERTAIN SECURITIES") 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 § IN.823.402?
A common citation format is "The Texas Constitution § IN.823.402" (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 § IN.823.402 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.