{"data":{"id":"us-tx/tex.-business-organizations-code-21.755","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 21.755","heading":"UNAVAILABILITY OF JUDICIAL PROCEEDING.","body":"(a) A shareholder may not institute a proceeding before exhausting any nonjudicial remedy contained in a close corporation provision for resolution of an issue that is in dispute unless the shareholder proves that the close corporation, the shareholders as a whole, or the shareholder will suffer irreparable harm before the nonjudicial remedy is exhausted.\n(b) A shareholder may not institute a proceeding to seek damages or other monetary relief if the shareholder is entitled to dissent from a proposed action and receive the fair value of the shareholder's shares under this code or a shareholders' agreement.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 21. FOR-PROFIT CORPORATIONS","SUBCHAPTER P. JUDICIAL PROCEEDINGS RELATING TO CLOSE CORPORATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.21.htm#21.755","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"c92da3b8b9ffc09a9e39b3de7e125411e90e4f99a0a797d353de34ec9887e9fd","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-21.754","next":"us-tx/tex.-business-organizations-code-21.756"},"notice":"GroundRules: Original legal text. Not legal advice."}