Source: https://chowinslaw.com/resources/texas-business-laws/291-shareholder-agreements-texas-business-organizations
Timestamp: 2019-04-23 03:58:50+00:00

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(12) otherwise governs the exercise of corporate powers, the management of the business and affairs of the corporation, or the relationship among the shareholders, the directors, and the corporation as if the corporation were a partnership or in a manner that would otherwise be appropriate only among partners and not contrary to public policy.
(2) amended only by all of the shareholders at the time of the amendment, unless the agreement provides otherwise.
§ 21.102. TERM OF AGREEMENT.
Any limit on the term or duration of a shareholders' agreement under this subchapter must be set forth in the agreement. A shareholders' agreement under this subchapter that was in effect before September 1, 2015, remains in effect for 10 years, unless the agreement provides otherwise.
§ 21.103. DISCLOSURE OF AGREEMENT; RECALL OF CERTAIN CERTIFICATES.
(a) The existence of an agreement authorized by this subchapter shall be noted conspicuously on the front or back of each certificate for outstanding shares or on the information statement required for uncertificated shares by § 3.205.
(b) The disclosure required by this § must include the sentence, "These shares are subject to the provisions of a shareholders' agreement that may provide for management of the corporation in a manner different than in other corporations and may subject a shareholder to certain obligations or liabilities not otherwise imposed on shareholders in other corporations."
(c) A corporation that has outstanding shares represented by certificates at the time the shareholders of the corporation enter into an agreement under this subchapter shall recall the outstanding certificates and issue substitute certificates that comply with this subchapter.
(d) The failure to note the existence of the agreement on the certificate or information statement does not affect the validity of the agreement or an action taken pursuant to the agreement.
§ 21.104. EFFECT OF SHAREHOLDERS' AGREEMENT.
A shareholders' agreement that complies with this subchapter is effective among the shareholders and between the shareholders and the corporation even if the terms of the agreement are inconsistent with this code.
§ 21.105. RIGHT OF RESCISSION; KNOWLEDGE OF PURCHASER OF SHARES.
(a) A purchaser of shares who does not have knowledge at the time of purchase of the existence of a shareholders' agreement authorized by this subchapter is entitled to rescind the purchase.
(2) with respect to shares that are not represented by a certificate, the information statement noting existence of the agreement is delivered to the purchaser not later than the time the shares are purchased.
(2) the second anniversary of the purchase date of the shares.
§ 21.106. AGREEMENT LIMITING AUTHORITY OF AND SUPPLANTING BOARD OF DIRECTORS; LIABILITY.
(a) A shareholders' agreement authorized by this subchapter that limits the discretion or powers of the board of directors or supplants the board of directors relieves the directors of, and imposes on a person in whom the discretion or powers of the board of directors or the management of the business and affairs of the corporation is vested, liability for an act or omission of the person in accordance with Subsection (b).
(b) A person on whom liability for an act or omission is imposed under this § is liable in the same manner and to the same extent as a director on whom liability for an act or omission is imposed by this code or other law.
§ 21.107. LIABILITY OF SHAREHOLDER.
(3) results in failure to observe the corporate formalities otherwise applicable to the matters governed by the agreement.
§ 21.108. PERSONS ACTING IN PLACE OF SHAREHOLDERS.
§ 21.109. AGREEMENT NOT EFFECTIVE.
(2) regularly traded in a market maintained by one or more members of a national or affiliated securities association.
(b) If a corporation does not have a board of directors and an agreement of the shareholders of the corporation entered into under this subchapter ceases to be effective, a board of directors shall be instituted or reinstated to govern the corporation in the manner provided by § 21.710(c).
(c) If a shareholders' agreement that ceases to be effective is contained in or referred to by the certificate of formation or bylaws of a corporation, the board of directors of the corporation may adopt an amendment to the certificate of formation or bylaws, without shareholder action, to delete the agreement and any references to the agreement.
§ 21.110. OTHER SHAREHOLDER AGREEMENTS PERMITTED.
This subchapter does not prohibit or impair any agreement between two or more shareholders, or between the corporation and one or more of the corporation's shareholders, permitted by Title 1, this chapter, or other law.

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