reglab/housing_qa huggingface dataset:
TX Bus Orgs § 200.209 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter E. Distributions and Share Dividends|Section 200.209. Determination of Solvency, Net Assets, Stated Capital, and Surplus

Sec. 200.209.  DETERMINATION OF SOLVENCY, NET ASSETS, STATED CAPITAL, AND SURPLUS.  (a)  The determination of whether a real estate investment trust is or would be insolvent and the determination of the amount of a real estate investment trust's stated capital or surplus or any component of the trust's stated capital or surplus, or the value of the real estate investment trust's net assets or any component of the trust's net assets, may be based on:(1)  financial statements of the real estate investment trust that present the financial condition of the real estate investment trust in accordance with generally accepted accounting principles or international financial reporting standards, including financial statements that include subsidiary entities or other entities accounted for on a consolidated basis or on the equity method of accounting;(2)  financial statements prepared using the method of accounting used to file the real estate investment trust's federal income tax return or using any other accounting practices and principles that are reasonable under the circumstances;(3)  financial information, including condensed or summary financial statements, that is prepared on the same basis as financial statements described by Subdivision (1) or (2);(4)  a projection, a forecast, or other forward-looking information relating to the future economic performance, financial condition, or liquidity of the real estate investment trust that is reasonable under the circumstances;(5)  a fair valuation or information from any other method that is reasonable under the circumstances; or(6)  a combination of a statement, a valuation, or information authorized by this section.(b)  Subsection (a) does not apply to the computation of the franchise tax or any other tax imposed on a real estate investment trust under the laws of this state.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2021, 87th Leg., R.S., Ch. 39 (S.B. 1203), Sec. 33, eff. September 1, 2021.|
TX Bus Orgs § 200.210 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter E. Distributions and Share Dividends|Section 200.210. Date of Determination of Surplus

Sec. 200.210.  DATE OF DETERMINATION OF SURPLUS.  (a)  For purposes of this subchapter, a determination of whether a real estate investment trust is or would be made insolvent by a distribution or share dividend or a determination of the value of a real estate investment trust's surplus shall be made:(1)  on the date the distribution or share dividend is authorized by the trust managers of the real estate investment trust if the distribution or the share dividend is made not later than the 120th day after the date of authorization;  or(2)  if the distribution or the share dividend is made more than 120 days after the date of authorization:(A)  on the date designated by the trust managers if the date so designated is not earlier than 120 days before the date the distribution or the share dividend is made;  or(B)  on the date the distribution or the share dividend is made if the trust managers do not designate a date as described in Paragraph (A).(b)  For purposes of this section, a distribution that involves:(1)  the incurrence by a real estate investment trust of indebtedness or a deferred payment obligation is considered to have been made on the date the indebtedness or obligation is incurred;  or(2)  a contract by the real estate investment trust to acquire any of its own shares is considered to have been made on the date when the contract is made or takes effect or on the date the shares are acquired, at the option of the real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.211 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter E. Distributions and Share Dividends|Section 200.211. Split-Up or Division of Shares

Sec. 200.211.  SPLIT-UP OR DIVISION OF SHARES.  The trust managers of a real estate investment trust may authorize the real estate investment trust to carry out any split-up or division of the issued shares of a class of the real estate investment trust into a larger number of shares within the same class that does not increase the stated capital of the real estate investment trust because the split-up or division of issued shares is not a share dividend or a distribution.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.251 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.251. Annual Meeting

Sec. 200.251.  ANNUAL MEETING.  (a)  An annual meeting of the shareholders of a real estate investment trust shall be held at a time that is stated in or set in accordance with the bylaws of the real estate investment trust.(b)  If the annual meeting is not held at the designated time, a shareholder may make a written request to an officer or trust manager of the real estate investment trust that the meeting be held within a reasonable time.  The request calling for the meeting must be made by:(1)  certified or registered mail, return receipt requested; or(2)  other means specified in the real estate investment trust's governing documents.(b-1)  If the annual meeting is not called before the 61st day after the date the written request calling for a meeting is made under Subsection (b), any shareholder may bring suit at law or in equity to compel the meeting to be held.(c)  Each shareholder has a justifiable interest sufficient to enable the shareholder to institute and prosecute a legal proceeding described by this section.(d)  The failure to hold an annual meeting at the designated time does not result in the winding up or termination of the real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2017, 85th Leg., R.S., Ch. 75 (S.B. 1518), Sec. 31, eff. September 1, 2017.|
TX Bus Orgs § 200.252 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.252. Special Meetings

Sec. 200.252.  SPECIAL MEETINGS.  A special meeting of the shareholders of a real estate investment trust may be called by:(1)  a trust manager, an officer of the real estate investment trust, or any other person authorized to call special meetings by the certificate of formation or bylaws of the real estate investment trust;  or(2)  the holders of at least 10 percent of all of the shares of the real estate investment trust entitled to vote at the proposed special meeting unless a greater or lesser percentage of shares is specified in the certificate of formation, not to exceed 50 percent of the shares entitled to vote.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.253 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.253. Notice of Meeting

Sec. 200.253.  NOTICE OF MEETING.  (a)  Written notice of a meeting in accordance with Section 6.051 shall be given to each shareholder entitled to vote at the meeting not later than the 10th day and not earlier than the 60th day before the date of the meeting.  Notice shall be given in person or by mail by or at the direction of a trust manager, officer, or other person calling the meeting.(b)  The notice of a special meeting must contain a statement regarding the purpose or purposes of the meeting.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.254 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.254. Closing of Share Transfer Records

Sec. 200.254.  CLOSING OF SHARE TRANSFER RECORDS.  Share transfer records that are closed in accordance with Section 6.101 for the purpose of determining which shareholders are entitled to receive notice of a meeting of shareholders shall remain closed for at least 10 days immediately preceding the date of the meeting.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.255 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.255. Record Date for Written Consent to Action

Sec. 200.255.  RECORD DATE FOR WRITTEN CONSENT TO ACTION.  The record date provided in accordance with Section 6.102(a) may not be more than 10 days after the date on which the trust managers adopt the resolution setting the record date.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.256 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.256. Record Date for Purpose Other Than Written Consent to Action

Sec. 200.256.  RECORD DATE FOR PURPOSE OTHER THAN WRITTEN CONSENT TO ACTION.  The record date provided by the trust managers in accordance with Section 6.101 must be at least 10 days before the date on which the particular action requiring the determination of shareholders is to be taken.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.257 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.257. Quorum

Sec. 200.257.  QUORUM.  (a)  Subject to Subsection (b), the holders of the majority of the shares entitled to vote at a meeting of the shareholders of a real estate investment trust that are present or represented by proxy at the meeting are a quorum for the consideration of a matter to be presented at that meeting.(b)  The certificate of formation of a real estate investment trust may provide that a quorum is present only if:(1)  the holders of a specified portion of the shares that is greater than the majority of the shares entitled to vote are represented at the meeting in person or by proxy;  or(2)  the holders of a specified portion of the shares that is less than the majority but not less than one-third of the shares entitled to vote are represented at the meeting in person or by proxy.(c)  Unless provided by the certificate of formation or bylaws of the real estate investment trust, after a quorum is present at a meeting of shareholders, the shareholders may conduct business properly brought before the meeting until the meeting is adjourned.  The subsequent withdrawal from the meeting of a shareholder or the refusal of a shareholder present at or represented by proxy at the meeting to vote does not negate the presence of a quorum at the meeting.(d)  Unless provided by the certificate of formation or bylaws, the shareholders of the real estate investment trust at a meeting at which a quorum is not present may adjourn the meeting until the time and to the place as may be determined by a vote of the holders of the majority of the shares who are present or represented by proxy at the meeting.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.258 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.258. Voting in Election of Trust Managers

Sec. 200.258.  VOTING IN ELECTION OF TRUST MANAGERS.  (a)  Subject to Subsection (b), trust managers of a real estate investment trust shall be elected by two-thirds of the votes cast by the holders of shares entitled to vote in the election of trust managers at a meeting of shareholders at which a quorum is present.(b)  The certificate of formation or bylaws of a real estate investment trust may provide that a trust manager of the real estate investment trust shall be elected only if the trust manager receives:(1)  the vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote in the election of trust managers;(2)  the vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote in the election of trust managers and represented in person or by proxy at a meeting of shareholders at which a quorum is present;  or(3)  the vote of the holders of a specified portion, but not less than the majority, of the votes cast by the holders of shares entitled to vote in the election of trust managers at a meeting of shareholders at which a quorum is present.(c)  Subject to Section 200.259, at each election of trust managers of a real estate investment trust, each shareholder entitled to vote at the election is entitled to vote, in person or by proxy, the number of shares owned by the shareholder for as many candidates as there are trust managers to be elected and for whose election the shareholder is entitled to vote.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.259 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.259. Cumulative Voting in Election of Trust Managers

Sec. 200.259.  CUMULATIVE VOTING IN ELECTION OF TRUST MANAGERS.  (a)  Cumulative voting is allowed only if specifically authorized by the certificate of formation of a real estate investment trust.(b)  Cumulative voting occurs when a shareholder:(1)  gives one candidate as many votes as the total of the number of the trust managers to be elected multiplied by the shareholder's shares;  or(2)  distributes the votes among one or more candidates using the same principle.(c)  If cumulative voting is specifically authorized by the certificate of formation, a shareholder who intends to cumulate votes must give written notice of that intention to the trust managers on or before the day preceding the date of the election at which the shareholder intends to cumulate votes.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.260 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.260. Voting on Matters Other Than Election of Trust Managers

Sec. 200.260.  VOTING ON MATTERS OTHER THAN ELECTION OF TRUST MANAGERS.  (a)  Subject to Subsection (b), with respect to a matter other than the election of trust managers or a matter for which the affirmative vote of the holders of a specified portion of the shares entitled to vote is required by this code, the affirmative vote of the holders of the majority of the shares entitled to vote on, and who voted for, against, or expressly abstained with respect to, the matter at a shareholders' meeting of a real estate investment trust at which a quorum is present is the act of the shareholders.(b)  With respect to a matter other than the election of trust managers or a matter for which the affirmative vote of the holders of a specified portion of the shares entitled to vote is required by this code, the certificate of formation or bylaws of a real estate investment trust may provide that the act of the shareholders of the real estate investment trust is:(1)  the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on that matter;(2)  the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on that matter and represented in person or by proxy at a shareholders' meeting at which a quorum is present;(3)  the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on, and who voted for or against, the matter at a shareholders' meeting at which a quorum is present;  or(4)  the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on, and who voted for, against, or expressly abstained with respect to, the matter at a shareholders' meeting at which a quorum is present.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.262 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.262. Changes in Vote Required for Certain Matters

Sec. 200.262.  CHANGES IN VOTE REQUIRED FOR CERTAIN MATTERS.  (a)  With respect to a matter for which the affirmative vote of the holders of a specified portion of the shares entitled to vote is required by this code, the certificate of formation of a real estate investment trust may provide that the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares entitled to vote on that matter is required for shareholder action on that matter.(b)  With respect to a matter for which the affirmative vote of the holders of a specified portion of the shares of a class or series is required by this code, the certificate of formation may provide that the affirmative vote of the holders of a specified portion, but not less than the majority, of the shares of that class or series is required for action of the holders of shares of that class or series on that matter.(c)  If a provision of the certificate of formation provides that the affirmative vote of the holders of a specified portion that is greater than the majority of the shares entitled to vote on a matter is required for shareholder action on that matter, the provision may not be amended, directly or indirectly, without the same affirmative vote unless otherwise provided by the certificate of formation.(d)  If a provision of the certificate of formation provides that the affirmative vote of the holders of a specified portion that is greater than the majority of the shares of a class or series is required for shareholder action on a matter, the provision may not be amended, directly or indirectly, without the same affirmative vote unless otherwise provided by the certificate of formation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.263 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.263. Number of Votes per Share

Sec. 200.263.  NUMBER OF VOTES PER SHARE.  (a)  Except as provided by the certificate of formation of a real estate investment trust or this title or Title 1, each outstanding share, regardless of class, is entitled to one vote on each matter submitted to a vote at a shareholders' meeting.(b)  If the certificate of formation provides for more or less than one vote per share on a matter for all of the outstanding shares or for the shares of a class or series, each reference in this code or in the certificate of formation or bylaws, unless expressly stated otherwise, to a specified portion of the shares with respect to that matter refers to the portion of the votes entitled to be cast with respect to those shares under the certificate of formation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.264 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.264. Voting in Person or by Proxy

Sec. 200.264.  VOTING IN PERSON OR BY PROXY.  (a)  A shareholder may vote in person or by proxy executed in writing by the shareholder.(b)  A telegram, telex, cablegram, or other form of electronic transmission, including telephonic transmission, by the shareholder, or a photographic, photostatic, facsimile, or similar reproduction of a writing executed by the shareholder, is considered an execution in writing for purposes of this section.  Any electronic transmission must contain or be accompanied by information from which it can be determined that the transmission was authorized by the shareholder.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.265 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.265. Term of Proxy

Sec. 200.265.  TERM OF PROXY.  A proxy is not valid after 11 months after the date the proxy is executed unless otherwise provided by the proxy.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.266 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.266. Revocability of Proxy

Sec. 200.266.  REVOCABILITY OF PROXY.  (a)  In this section, a "proxy coupled with an interest" includes the appointment as proxy of:(1)  a pledgee;(2)  a person who purchased or agreed to purchase the shares subject to the proxy;(3)  a person who owns or holds an option to purchase the shares subject to the proxy;(4)  a creditor of the real estate investment trust who extended the real estate investment trust credit under terms requiring the appointment;(5)  an employee of the real estate investment trust whose employment contract requires the appointment;  or(6)  a party to a voting agreement created under Section 6.252.(b)  A proxy is revocable unless:(1)  the proxy form conspicuously states that the proxy is irrevocable;  and(2)  the proxy is coupled with an interest.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.267 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter F. Shareholders' Meetings; Voting and Quorum|Section 200.267. Enforceability of Proxy

Sec. 200.267.  ENFORCEABILITY OF PROXY.  (a)  An irrevocable proxy is specifically enforceable against the holder of shares or any successor or transferee of the holder if:(1)  the proxy is noted conspicuously on the certificate representing the shares subject to the proxy;  or(2)  in the case of uncertificated shares, notation of the proxy is contained in the notice sent under Section 3.205 with respect to the shares subject to the proxy.(b)  An irrevocable proxy that is otherwise enforceable is ineffective against a transferee for value without actual knowledge of the existence of the irrevocable proxy at the time of the transfer or against a subsequent transferee, regardless of whether the transfer is for value, unless:(1)  the proxy is noted conspicuously on the certificate representing the shares subject to the proxy;  or(2)  in the case of uncertificated shares, notation of the proxy is contained in the notice sent under Section 3.205 with respect to the shares subject to the proxy.(c)  An irrevocable proxy shall be specifically enforceable against a person who is not a transferee for value from the time the person acquires actual knowledge of the existence of the irrevocable proxy.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|