{"data":{"id":"us-tx/tex.-business-organizations-code-200.102","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 200.102","heading":"CLASSIFICATION OF SHARES.","body":"A real estate investment trust may provide in the real estate investment trust's certificate of formation:\n(1) that a specified class of shares is preferred over another class of shares as to its distributive share of the assets on voluntary or involuntary liquidation of the real estate investment trust;\n(2) the amount of a preference described by Subdivision (1);\n(3) that a specified class of shares may be redeemed at the option of the real estate investment trust or of the holders of the shares;\n(4) the terms and conditions of a redemption of shares described by Subdivision (3), including the time and price of redemption;\n(5) that a specified class of shares may be converted into shares of one or more other classes;\n(6) the terms and conditions of a conversion described by Subdivision (5);\n(7) that a holder of a specified security issued or to be issued by the real estate investment trust has voting or other rights authorized by law; and\n(8) for other preferences, rights, restrictions, including restrictions on transferability, and qualifications consistent with law.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 5. REAL ESTATE INVESTMENT TRUSTS","CHAPTER 200. REAL ESTATE INVESTMENT TRUSTS","SUBCHAPTER C. SHARES"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.200.htm#200.102","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"723efbba599427e9551f955fd2a7b2fb97f36b917c8f50ba60465a7cb5d6f43e","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-200.101","next":"us-tx/tex.-business-organizations-code-200.103"},"notice":"GroundRules: Original legal text. Not legal advice."}