Texas Statutes (Last Updated: January 4, 2014) |
BUSINESS ORGANIZATIONS CODE |
Title 5. REAL ESTATE INVESTMENT TRUSTS |
Chapter 200. REAL ESTATE INVESTMENT TRUSTS |
Subchapter D. SHAREHOLDER RIGHTS AND RESTRICTIONS |
Sec. 200.154. RESTRICTION ON TRANSFER OF SHARES AND OTHER SECURITIES
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(a) A restriction on the transfer or registration of transfer of a security may be imposed by:
(1) the real estate investment trust's certificate of formation;
(2) the real estate investment trust's bylaws;
(3) a written agreement among two or more holders of the securities; or
(4) a written agreement among one or more holders of the securities and the real estate investment trust if:
(A) the real estate investment trust files a copy of the agreement at the principal place of business or registered office of the real estate investment trust; and
(B) the copy of the agreement is subject to the same right of examination by a shareholder of the real estate investment trust, in person or by agent, attorney, or accountant, as the books and records of the real estate investment trust.
(b) A restriction imposed under Subsection (a) is not valid with respect to a security issued before the restriction has been adopted, unless the holder of the security voted in favor of the restriction or is a party to the agreement imposing the restriction.