Source: https://chowinslaw.com/resources/texas-business-laws/343-texas-real-estate-investment-trusts-shareholder-rights-and-restrictions
Timestamp: 2019-04-23 04:39:53+00:00

Document:
§ 200.151. REGISTERED HOLDERS AS OWNERS.
(5) entering into agreements with respect to that share in accordance with § 6.251 or 6.252 or with this subchapter.
§ 200.152. NO STATUTORY PREEMPTIVE RIGHT UNLESS SPECIFICALLY PROVIDED BY CERTIFICATE OF FORMATION.
A shareholder of a real estate investment trust does not have a preemptive right to acquire securities except to the extent specifically provided by the certificate of formation.
§ 200.153. CHARACTERIZATION AND TRANSFER OF SHARES AND OTHER SECURITIES.
§ 200.154. RESTRICTION ON TRANSFER OF SHARES AND OTHER SECURITIES.
§ 200.155. VALID RESTRICTION ON TRANSFER.
§ 200.156. BYLAW OR AGREEMENT RESTRICTING TRANSFER OF SHARES OR OTHER SECURITIES.
(b) After the statement is filed with the county clerk, the bylaws or agreement restricting the transfer of shares or other securities is a public record, and the fact that the statement has been filed must be stated on a certificate representing the restricted shares or securities if required by § 3.202.
§ 200.157. ENFORCEABILITY OF RESTRICTION ON TRANSFER OF CERTAIN SECURITIES.
§ 200.158. JOINT OWNERSHIP OF SHARES.
(a) If shares are registered on the books of a real estate investment trust in the names of two or more persons as joint owners with the right of survivorship and one of the owners dies, the real estate investment trust may record on its books and effect the transfer of the shares to a person, including the surviving joint owner, and pay any distributions made with respect to the shares, as if the surviving joint owner was the sole owner of the shares. The recording and distribution authorized by this subsection must be made after the death of a joint owner and before the real estate investment trust receives actual written notice that a party other than a surviving joint owner is claiming an interest in the shares or distribution.
(b) The discharge of a real estate investment trust from liability under § 200.160 and the transfer of full legal and equitable title of the shares does not affect, reduce, or limit any cause of action existing in favor of an owner of an interest in the shares or distribution against the surviving owner.
§ 200.159. LIABILITY FOR DESIGNATING OWNER OF SHARES.
A real estate investment trust or an officer, trust manager, employee, or agent of the real estate investment trust may not be held liable for considering a person to be the owner of a share for a purpose described by § 200.151, regardless of whether the person possesses a certificate for those shares.
§ 200.160. LIABILITY REGARDING JOINT OWNERSHIP OF SHARES.
A real estate investment trust that transfers shares or makes a distribution to a surviving joint owner under § 200.158 before the real estate investment trust has received a written claim for the shares or distribution from another person is discharged from liability for the transfer or payment.
§ 200.161. LIMITATION OF LIABILITY FOR OBLIGATIONS.
§ 200.162. PREEMPTION OF LIABILITY.
The liability of a holder, beneficial owner, or subscriber of shares of a real estate investment trust for an obligation that is limited by § 200.161 is exclusive and preempts any other liability imposed for that obligation under common law or otherwise.
§ 200.163. EXCEPTIONS TO LIMITATIONS.
§ 200.164. PLEDGEES AND TRUST ADMINISTRATORS.

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