reglab/housing_qa huggingface dataset:
TX Bus Orgs § 200.268 (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 200.268. Procedures in Bylaws Relating to Proxies

Sec. 200.268.  PROCEDURES IN BYLAWS RELATING TO PROXIES.  A real estate investment trust may establish in the bylaws of the real estate investment trust procedures consistent with this code for determining the validity of proxies and determining whether shares held of record by a bank, broker, or other nominee are represented at a meeting of shareholders.  The procedures may incorporate rules of and determinations made by a self-regulatory organization regulating that bank, broker, or other nominee.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.301 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.301. Management by Trust Managers

Sec. 200.301.  MANAGEMENT BY TRUST MANAGERS.  The control, operation, disposition, investment, and management of the trust estate and the powers necessary or appropriate to effect any purpose for which a real estate investment trust is organized are vested in one or more trust managers.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.302 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.302. Designation of Trust Managers

Sec. 200.302.  DESIGNATION OF TRUST MANAGERS.  (a)  The certificate of formation of a real estate investment trust must contain the name of each trust manager.(b)  A successor trust manager must be selected in accordance with the certificate of formation.  The selection of a successor trust manager is considered an amendment to the certificate of formation of a real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.303 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.303. Trust Manager Eligibility Requirements

Sec. 200.303.  TRUST MANAGER ELIGIBILITY REQUIREMENTS.  A trust manager of a real estate investment trust must be an individual.  Unless the certificate of formation or bylaws of a real estate investment trust provide otherwise, a person is not required to be a resident of this state or a shareholder of the real estate investment trust to serve as a trust manager.  The certificate of formation or bylaws may prescribe other qualifications for trust managers.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.304 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.304. Number of Trust Managers

Sec. 200.304.  NUMBER OF TRUST MANAGERS.  (a)  The certificate of formation or bylaws of the real estate investment trust shall set the number of trust managers or provide for the manner of determining the number of trust managers, except that the certificate of formation shall set the number constituting the initial trust managers.(b)  The number of trust managers may be increased or decreased by amendment to, or as provided by, the certificate of formation or bylaws.  A decrease in the number of trust managers may not shorten the term of an incumbent trust manager.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.305 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.305. Compensation

Sec. 200.305.  COMPENSATION.  A trust manager or officer of a real estate investment trust is entitled to receive compensation set by or in the manner provided by the certificate of formation or bylaws of the real estate investment trust.  If the certificate of formation or bylaws do not provide for compensation to trust managers and officers, the trust managers of the real estate investment trust must determine the compensation by vote at a meeting or by written consent.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.306 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.306. Term of Trust Manager

Sec. 200.306.  TERM OF TRUST MANAGER.  (a)  Except as provided by the certificate of formation or bylaws of a real estate investment trust, a trust manager of the real estate investment trust serves until the trust manager's successor is elected.(b)  A trust manager may succeed himself or herself in office.(c)  If a successor trust manager is not elected, the trust manager in office continues to serve as trust manager until the trust manager's successor is elected.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.307 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.307. Staggered Terms of Trust Managers

Sec. 200.307.  STAGGERED TERMS OF TRUST MANAGERS.  (a)  A governing document of a real estate investment trust may provide that all or some of the board of trust managers may be divided into two or three classes.  Each class must include the same or a similar number of trust managers as each other class.(b)  The terms of office of trust managers constituting the first class expire on the election of successors at the first annual meeting of shareholders after the election of those trust managers.  The terms of office of trust managers constituting the second class expire on the election of successors at the second annual meeting of shareholders after election of those trust managers.  The terms of office of trust managers constituting the third class, if any, expire on the election of successors at the third annual meeting of shareholders after election of those trust managers.(c)  If a governing document of the real estate investment trust provides for the classification of trust managers, an annual election for trust managers as a whole is not necessary.  At each annual meeting held after the classification of trust managers, an election shall be held to elect the number of trust managers equal to the number of trust managers in the class the term of which expires on the date of the meeting, and those trust managers serve until:(1)  the second succeeding annual meeting if there are two classes;  or(2)  the third succeeding annual meeting if there are three classes.(d)  Unless provided by the certificate of formation or a bylaw adopted by shareholders, staggered terms for trust managers do not take effect until the next annual meeting of shareholders at which trust managers are elected.  Staggered terms for trust managers may not be effected if any shareholder has the right to cumulate votes for the election of trust managers and the number of trust managers is fewer than nine trust managers.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.308 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.308. Vacancy

Sec. 200.308.  VACANCY.  (a)  Except as provided by Subsection (b), a vacancy occurring in the office of a trust manager of a real estate investment trust may be filled by the affirmative vote of the majority of the remaining trust managers, even if the majority of trust managers constitutes less than a quorum of the trust managers.(b)  The certificate of formation or bylaws of the real estate investment trust may provide an alternative procedure for filling a vacancy occurring in the office of a trust manager, including filling vacancies by simple majority or super majority votes of the shareholders.(c)  The term of a trust manager elected to fill a vacancy occurring in the office of a trust manager is the unexpired term of the trust manager's predecessor in office and until the trust manager's successor is elected and has qualified.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.309 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.309. Notice of Meeting

Sec. 200.309.  NOTICE OF MEETING.  (a)  Regular meetings of the trust managers of a real estate investment trust may be held with or without notice as prescribed by the real estate investment trust's bylaws.(b)  Special meetings of the trust managers shall be held with notice as prescribed by the bylaws.(c)  A notice of a board meeting is not required to specify the business to be transacted at the meeting or the purpose of the meeting, unless required by the bylaws.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.310 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.310. Quorum

Sec. 200.310.  QUORUM.  A quorum of the board of trust managers of a real estate investment trust is the majority of the number of trust managers unless the certificate of formation or bylaws require a greater number.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.311 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.311. Committees of Trust Managers

Sec. 200.311.  COMMITTEES OF TRUST MANAGERS.  (a)  If authorized by the certificate of formation or bylaws, the trust managers of a real estate investment trust, by resolution adopted by a majority of the trust managers, may designate:(1)  committees composed of one or more trust managers;  or(2)  trust managers as alternate committee members to replace absent or disqualified committee members at a committee meeting, subject to any limitations imposed by the trust managers.(b)  To the extent provided by the resolution designating a committee or the certificate of formation or bylaws and subject to Subsection (c), the committee has the authority of the trust managers.(c)  A committee of the trust managers may not:(1)  amend the certificate of formation, except to classify or reclassify shares in accordance with Section 200.103 if authorized by the resolution designating the committee, certificate of formation, or bylaws;(2)  propose a reduction of stated capital of the real estate investment trust;(3)  approve a plan of merger or share exchange of the real estate investment trust;(4)  recommend to shareholders the sale, lease, or exchange of all or substantially all of the property and assets of the real estate investment trust not made in the usual and regular course of its business;(5)  recommend to the shareholders a voluntary winding up and termination or a revocation of the real estate investment trust;(6)  amend, alter, or repeal the bylaws or adopt new bylaws;(7)  fill vacancies in the offices of the trust managers;(8)  fill vacancies in or designate alternate members of a committee of the trust managers;(9)  fill a vacancy to be filled because of an increase in the number of trust managers;(10)  elect or remove officers of the real estate investment trust or members or alternate members of a committee of the trust managers;(11)  set the compensation of the members or alternate members of a committee of the trust managers;  or(12)  alter or repeal a resolution of the trust managers that states that it may not be amended or repealed.(d)  A committee of the trust managers may authorize a distribution or the issuance of shares if authorized by the resolution designating the committee or by the certificate of formation or bylaws.(e)  The designation of and delegation of authority to a committee of the trust managers does not relieve a trust manager of responsibility imposed by law.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.312 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.312. Liability of Trust Managers

Sec. 200.312.  LIABILITY OF TRUST MANAGERS.  (a)  A trust manager of a real estate investment trust who votes for or assents to a distribution of assets made by the real estate investment trust to its shareholders during the liquidation of the real estate investment trust without the payment and discharge of or the making of adequate provision for the payment of all of the known debts, liabilities, and other obligations of the real estate investment trust is jointly and severally liable to the real estate investment trust for the value of the distributed assets to the extent the debts, liabilities, and other obligations are not paid and discharged.(b)  A trust manager of a real estate investment trust who votes for or assents to the making of a loan to another trust manager or officer of the real estate investment trust or to the making of a loan secured by shares of the real estate investment trust is jointly and severally liable to the real estate investment trust for the loan amount until the loan is repaid.(c)  A trust manager is not jointly and severally liable under Subsection (a) if, in determining the amount available for the distribution, the trust manager, acting in good faith and with ordinary care:(1)  relied on information, opinions, reports, or statements in accordance with Section 3.102;  or(2)  considered the assets of the real estate investment trust to be valued at least at book value.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.313 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.313. Statute of Limitations on Certain Action Against Trust Managers

Sec. 200.313.  STATUTE OF LIMITATIONS ON CERTAIN ACTION AGAINST TRUST MANAGERS.  An action may not be brought against a trust manager of a real estate investment trust under Section 200.312 after the second anniversary of the date the alleged act giving rise to the liability occurred.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.314 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.314. Immunity From Liability for Performance of Duty

Sec. 200.314.  IMMUNITY FROM LIABILITY FOR PERFORMANCE OF DUTY.  A trust manager of a real estate investment trust may not be held liable to the real estate investment trust for an act, omission, loss, damage, or expense arising from the performance of the trust manager's duties under the trust, except for liability arising from the wilful misfeasance, wilful malfeasance, or gross negligence of the trust manager.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.315 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.315. Right of Contribution

Sec. 200.315.  RIGHT OF CONTRIBUTION.  A trust manager who is liable for a claim asserted under Section 200.312 is entitled to receive contribution from each of the other trust managers who are liable with respect to that claim in an amount appropriate to achieve equity.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.316 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter G. Trust Managers|Section 200.316. Officers

Sec. 200.316.  OFFICERS.  (a)  An officer of a real estate investment trust designated by the trust managers under Section 3.103 may exercise all of the powers of a trust manager relating to the business and affairs of the real estate investment trust, unless action by the trust managers is specified by this code or another applicable law.(b)  A designation of or delegation of authority to an officer of a real estate investment trust described by this section does not relieve a trust manager of responsibility imposed by law.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.351 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter H. Investments|Section 200.351. Investments

Sec. 200.351.  INVESTMENTS.  A trust manager or officer of a real estate investment trust has complete discretion with respect to the investment of the trust estate unless the investment is contrary to or inconsistent with:(1)  this chapter;(2)  a provision of the Internal Revenue Code relating to or governing real estate investment trusts;  or(3)  regulations adopted under a provision of the Internal Revenue Code relating to or governing real estate investment trusts.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.401 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter I. Fundamental Business Transactions|Section 200.401. Definitions

Sec. 200.401.  DEFINITIONS.  In this subchapter:(1)  "Participating shares" means shares that entitle the holders of the shares to participate without limitation in distributions.(2)  "Sale of all or substantially all of the assets" means the sale, lease, exchange, or other disposition, other than a pledge, mortgage, deed of trust, or trust indenture unless otherwise provided by the certificate of formation, of all or substantially all of the property and assets of a domestic real estate investment trust that is not made in the usual and regular course of the trust's business without regard to whether the disposition is made with the goodwill of the business.  The term does not include a transaction that results in the real estate investment trust directly or indirectly:(A)  continuing to engage in one or more businesses;  or(B)  applying a portion of the consideration received in connection with the transaction to the conduct of a business that the real estate investment trust engages in after the transaction.(3)  "Shares" includes a receipt or other instrument issued by a depository representing an interest in one or more shares or fractions of shares of a domestic or foreign real estate investment trust that are deposited with the depository.(4)  "Voting shares" means shares that entitle the holders of the shares to vote unconditionally in elections of trust managers.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.402 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter I. Fundamental Business Transactions|Section 200.402. Approval of Merger

Sec. 200.402.  APPROVAL OF MERGER.  (a)  A real estate investment trust that is a party to the merger under Chapter 10 must approve the merger by complying with this section.(b)  The trust managers of the real estate investment trust shall adopt a resolution that:(1)  approves the plan of merger;  and(2)  if shareholder approval of the merger is required by this subchapter:(A)  recommends that the plan of merger be approved by the shareholders of the real estate investment trust;  or(B)  directs that the plan of merger be submitted to the shareholders for approval without recommendation if the trust managers determine for any reason not to recommend approval of the plan of merger.(c)  Except as provided by this subchapter or Chapter 10, the plan of merger shall be submitted to the shareholders of the real estate investment trust for approval as provided by this subchapter.  The trust managers may place conditions on the submission of the plan of merger to the shareholders.(d)  If the trust managers approve a plan of merger required to be approved by the shareholders of the real estate investment trust but do not adopt a resolution recommending that the plan of merger be approved by the shareholders, the trust managers shall communicate to the shareholders the reason for the trust managers' determination to submit the plan of merger without a recommendation.(e)  Except as provided by Chapter 10 or Sections 200.407-200.409, the shareholders of the real estate investment trust shall approve the plan of merger as provided by this subchapter.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.403 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter I. Fundamental Business Transactions|Section 200.403. Approval of Conversion

Sec. 200.403.  APPROVAL OF CONVERSION.  (a)  A real estate investment trust must approve a conversion under Chapter 10 by complying with this section.(b)  The trust managers of the real estate investment trust shall adopt a resolution that approves the plan of conversion and:(1)  recommends that the plan of conversion be approved by the shareholders of the real estate investment trust;  or(2)  directs that the plan of conversion be submitted to the shareholders for approval without recommendation if the trust managers determine for any reason not to recommend approval of the plan of conversion.(c)  The plan of conversion shall be submitted to the shareholders of the real estate investment trust for approval as provided by this subchapter.  The trust managers may place conditions on the submission of the plan of conversion to the shareholders.(d)  If the trust managers approve a plan of conversion but do not adopt a resolution recommending that the plan of conversion be approved by the shareholders of the real estate investment trust, the trust managers shall communicate to the shareholders the reason for the trust managers' determination to submit the plan of conversion without a recommendation.(e)  Except as provided by Sections 200.407-200.409, the shareholders of the real estate investment trust must approve the plan of conversion as provided by this subchapter.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|