{"data":{"id":"us-tx/tex.-business-organizations-code-21.160","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 21.160","heading":"DETERMINATION OF CONSIDERATION FOR SHARES.","body":"(a) Subject to Subsection (b) and Section 21.157, consideration to be received for shares must be determined:\n(1) by the board of directors;\n(2) by a plan of conversion, if the shares are to be issued by a converted corporation under the plan; or\n(3) by a plan of merger, if the shares are to be issued under the plan by a corporation created under the plan.\n(b) If the corporation's certificate of formation reserves to the shareholders the right to determine the consideration to be received for shares without par value, the shareholders shall determine the consideration for those shares before the shares are issued. The board of directors may not determine the consideration for shares under this subsection.\n(c) A corporation may dispose of treasury shares for consideration that may be determined by the board of directors. The consideration received for treasury shares may:\n(1) have a value greater or less than, or equal to, the par value, if any, of the shares; and\n(2) consist of the types of consideration described by Section 21.159.\n(d) Repealed by Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 59(1), eff. September 1, 2023.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.\nAmended by:\nActs 2015, 84th Leg., R.S., Ch. 32 (S.B. 860), Sec. 24, eff. September 1, 2015.\nActs 2017, 85th Leg., R.S., Ch. 75 (S.B. 1518), Sec. 7, eff. September 1, 2017.\nActs 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 23, eff. September 1, 2023.\nActs 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 59(1), eff. September 1, 2023.\nActs 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411), Sec. 24, eff. September 1, 2025.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 21. FOR-PROFIT CORPORATIONS","SUBCHAPTER D. SHARES, OPTIONS, AND CONVERTIBLE SECURITIES"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm#21.160","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"3076dde9d099e5d9fc5156b8414add9f696a2e71ecaca9711414990eb6ebaa19","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-21.159","next":"us-tx/tex.-business-organizations-code-21.161"},"notice":"GroundRules: Original legal text. Not legal advice."}