{"data":{"id":"us-tx/tex.-business-organizations-code-21.203","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 21.203","heading":"NO STATUTORY PREEMPTIVE RIGHT UNLESS PROVIDED BY CERTIFICATE OF FORMATION.","body":"(a) Except as provided by Section 21.208, a shareholder of a corporation does not have a preemptive right under this subchapter to acquire the corporation's unissued or treasury shares except to the extent provided by the corporation's certificate of formation.\n(b) If the certificate of formation includes a statement that the corporation \"elects to have a preemptive right\" or a similar statement, Section 21.204 applies to a shareholder except to the extent the certificate of formation expressly provides otherwise.\n(c) This section and Sections 21.204 through 21.208 do not invalidate or impair a corporation's right or power to grant an enforceable nonstatutory preemptive right in:\n(1) a contract between the corporation and a shareholder or other person; or\n(2) the governing documents of the corporation.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.\nAmended by:\nActs 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 23, eff. September 1, 2011.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 21. FOR-PROFIT CORPORATIONS","SUBCHAPTER E. SHAREHOLDER RIGHTS AND RESTRICTIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm#21.203","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"b4f497019fddbe3e8e985adc5328741fdc92116385e0d3e7143a3ad88f98ba05","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-21.202","next":"us-tx/tex.-business-organizations-code-21.204"},"notice":"GroundRules: Original legal text. Not legal advice."}