GroundRules
Tex. Business Organizations Code § 21.164: RIGHTS OF HOLDERS OF FRACTIONAL SHARES OR SCRIP.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 2. CORPORATIONS
- CHAPTER 21. FOR-PROFIT CORPORATIONS
- SUBCHAPTER D. SHARES, OPTIONS, AND CONVERTIBLE SECURITIES
(a) A holder of a certificated or uncertificated fractional share is entitled to exercise voting rights, receive distributions, and make a claim with respect to the assets of the corporation in the event of winding up and termination.
(b) A holder of a certificate for scrip is not entitled to exercise voting rights, receive distributions, or make a claim with respect to the assets of the corporation in the event of winding up and termination unless the scrip provides for those rights.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Collected 2026-08-27T01:46:58Z. Source file · JSON