reglab/housing_qa huggingface dataset:
TX Bus Orgs § 200.404 (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 200.404. Approval of Exchange

Sec. 200.404.  APPROVAL OF EXCHANGE.  (a)  A real estate investment trust the shares of which are to be acquired in an exchange under Chapter 10 must approve the exchange by complying with this section.(b)  The trust managers shall adopt a resolution that approves the plan of exchange and:(1)  recommends that the plan of exchange be approved by the shareholders of the real estate investment trust;  or(2)  directs that the plan of exchange 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 exchange.(c)  The plan of exchange 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 exchange to the shareholders.(d)  If the trust managers approve a plan of exchange but do not adopt a resolution recommending that the plan of exchange 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 exchange to shareholders without a recommendation.(e)  Except as provided by Sections 200.407-200.409, the shareholders of the real estate investment trust shall approve the plan of exchange as provided by this subchapter.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.405 (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 200.405. Approval of Sale of All or Substantially All of Assets

Sec. 200.405.  APPROVAL OF SALE OF ALL OR SUBSTANTIALLY ALL OF ASSETS.  (a)  Except as provided by the certificate of formation of a domestic real estate investment trust, a sale, lease, pledge, mortgage, assignment, transfer, or other conveyance of an interest in real property or other assets of the real estate investment trust does not require the approval or consent of the shareholders of the real estate investment trust unless the transaction constitutes a sale of all or substantially all of the assets of the real estate investment trust.(b)  A real estate investment trust must approve the sale of all or substantially all of its assets by complying with this section.(c)  The trust managers of the real estate investment trust shall adopt a resolution that approves the sale of all or substantially all of the assets of the real estate investment trust and:(1)  recommends that the sale of all or substantially all of the assets of the real estate investment trust be approved by the shareholders of the real estate investment trust;  or(2)  directs that the sale of all or substantially all of the assets of the real estate investment trust be submitted to the shareholders for approval without recommendation if the trust managers determine for any reason not to recommend approval of the sale.(d)  The sale of all or substantially all of the assets of the real estate investment trust 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 proposed sale to the shareholders.(e)  If the trust managers approve the sale of all or substantially all of the assets of the real estate investment trust but do not adopt a resolution recommending that the proposed sale 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 proposed sale to shareholders without a recommendation.(f)  The shareholders of the real estate investment trust shall approve the sale of all or substantially all of the assets of the real estate investment trust as provided by this subchapter.(g)  After the approval of the sale by the shareholders, the trust managers may abandon the sale of all or substantially all of the assets of the real estate investment trust, subject to the rights of a third party under a contract relating to the assets, without further action or approval by the shareholders.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.406 (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 200.406. General Procedure for Submission to Shareholders of Fundamental Business Transaction

Sec. 200.406.  GENERAL PROCEDURE FOR SUBMISSION TO SHAREHOLDERS OF FUNDAMENTAL BUSINESS TRANSACTION.  (a)  If a fundamental business transaction involving a real estate investment trust is required to be submitted to the shareholders of the real estate investment trust under this subchapter, the real estate investment trust shall notify each shareholder of the real estate investment trust that the fundamental business transaction is being submitted to the shareholders for approval at a meeting of shareholders as required by this subchapter, regardless of whether the shareholder is entitled to vote on the matter.(b)  If the fundamental business transaction is a merger, conversion, or interest exchange, the notice required by Subsection (a) shall contain or be accompanied by a copy or summary of the plan of merger, conversion, or interest exchange, as appropriate, and the notice required by Section 10.355.(c)  The notice of the meeting must:(1)  be given not later than the 21st day before the date of the meeting;  and(2)  state that the purpose, or one of the purposes, of the meeting is to consider the fundamental business transaction.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.407 (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 200.407. General Vote Requirement for Approval of Fundamental Business Transaction

Sec. 200.407.  GENERAL VOTE REQUIREMENT FOR APPROVAL OF FUNDAMENTAL BUSINESS TRANSACTION.  (a)  Except as provided by this code or the certificate of formation or bylaws of a real estate investment trust in accordance with Section 200.261, the affirmative vote of the holders of at least two-thirds of the outstanding shares of the real estate investment trust entitled to vote on a fundamental business transaction is required to approve the transaction.(b)  Unless provided by the certificate of formation or Section 200.408, shares of a class or series that are not otherwise entitled to vote on matters submitted to shareholders generally will not be entitled to vote for the approval of a fundamental business transaction.(c)  Except as provided by this code, if a class or series of shares of a real estate investment trust is entitled to vote on a fundamental business transaction as a class or series, in addition to the vote required under Subsection (a), the affirmative vote of the holders of at least two-thirds of the outstanding shares in each class or series of shares entitled to vote on the fundamental business transaction as a class or series is required to approve the transaction.(d)  Unless required by the certificate of formation, approval of a merger by shareholders is not required under this code for a real estate investment trust that is a party to the plan of merger unless that real estate investment trust is also a party to the merger.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.408 (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 200.408. Class Voting Requirements for Certain Fundamental Business Transactions

Sec. 200.408.  CLASS VOTING REQUIREMENTS FOR CERTAIN FUNDAMENTAL BUSINESS TRANSACTIONS.  (a)  Separate voting by a class or series of shares of a real estate investment trust is required for approval of a plan of merger or conversion if:(1)  the plan of merger or conversion contains a provision that would require approval by that class or series of shares under Section 200.262 if the provision was contained in a proposed amendment to the real estate investment trust's certificate of formation;  or(2)  that class or series of shares is entitled under the certificate of formation to vote as a class or series on the plan of merger or conversion.(b)  Separate voting by a class or series of shares of a real estate investment trust is required for approval of a plan of exchange if:(1)  shares of that class or series are to be exchanged under the terms of the plan of exchange;  or(2)  that class or series is entitled under the certificate of formation to vote as a class or series on the plan of exchange.(c)  Separate voting by a class or series of shares of a real estate investment trust is required for approval of a sale of all or substantially all of the assets of the real estate investment trust if that class or series of shares is entitled under the certificate of formation to vote as a class or series on the sale of the real estate investment trust's assets.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.409 (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 200.409. No Shareholder Vote Requirement for Certain Fundamental Business Transactions

Sec. 200.409.  NO SHAREHOLDER VOTE REQUIREMENT FOR CERTAIN FUNDAMENTAL BUSINESS TRANSACTIONS.  (a)  Unless required by the real estate investment trust's certificate of formation, a plan of merger is not required to be approved by the shareholders of a real estate investment trust if:(1)  the real estate investment trust is the sole surviving real estate investment trust in the merger;(2)  the certificate of formation of the real estate investment trust following the merger will not differ from the real estate investment trust's certificate of formation before the merger;(3)  immediately after the effective date of the merger, each shareholder of the real estate investment trust whose shares were outstanding immediately before the effective date of the merger will hold the same number of shares, with identical designations, preferences, limitations, and relative rights;(4)  the sum of the voting power of the number of voting shares outstanding immediately after the merger and the voting power of securities that may be acquired on the conversion or exercise of securities issued under the merger does not exceed by more than 20 percent the voting power of the total number of voting shares of the real estate investment trust that are outstanding immediately before the merger;  and(5)  the sum of the number of participating shares that are outstanding immediately after the merger and the number of participating shares that may be acquired on the conversion or exercise of securities issued under the merger does not exceed by more than 20 percent the total number of participating shares of the real estate investment trust that are outstanding immediately before the merger.(b)  Unless required by the certificate of formation, a plan of merger effected under Section 10.005 or 10.006 does not require the approval of the shareholders of the real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.410 (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 200.410. Rights of Dissent and Appraisal

Sec. 200.410.  RIGHTS OF DISSENT AND APPRAISAL.  A shareholder of a domestic real estate investment trust has the rights of dissent and appraisal under Subchapter H, Chapter 10, with respect to a fundamental business transaction.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.451 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter J. Supplemental Winding Up and Termination Provisions|Section 200.451. Approval of Voluntary Winding Up

Sec. 200.451.  APPROVAL OF VOLUNTARY WINDING UP.  A real estate investment trust must approve a voluntary winding up under Chapter 11 by the affirmative vote of the shareholders in accordance with Section 200.261.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.452 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter J. Supplemental Winding Up and Termination Provisions|Section 200.452. Approval of Reinstatement, Cancellation, or Revocation of Voluntary Winding Up

Sec. 200.452.  APPROVAL OF REINSTATEMENT, CANCELLATION, OR REVOCATION OF VOLUNTARY WINDING UP.  A real estate investment trust may reinstate its existence under Section 11.202, revoke a voluntary decision to wind up under Section 11.151, or cancel an event requiring winding up under Section 11.152 by the affirmative vote of the shareholders in accordance with Section 200.261.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.453 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter J. Supplemental Winding Up and Termination Provisions|Section 200.453. Responsibility for Winding Up

Sec. 200.453.  RESPONSIBILITY FOR WINDING UP.  If a real estate investment trust determines or is required to wind up, the trust managers shall manage the winding up of the business or affairs of the real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.501 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter K. Miscellaneous Provisions|Section 200.501. Examination of Records

Sec. 200.501.  EXAMINATION OF RECORDS.  (a)  On written demand stating a proper purpose, a shareholder of record of a real estate investment trust for at least six months immediately preceding the shareholder's demand, or a holder of record of at least five percent of all of the outstanding shares of a real estate investment trust, is entitled to examine and copy, at a reasonable time, the real estate investment trust's relevant books and records of account, minutes, and share transfer records.  The examination may be conducted in person or through an agent or attorney.(b)  This section does not impair the power of a court, on the presentation of proof of proper purpose by a shareholder, to compel the production for examination by the shareholder of the books and records of account, minutes, and share transfer records of a real estate investment trust, regardless of the period during which the shareholder was a record holder and regardless of the number of shares held by the person.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.502 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter K. Miscellaneous Provisions|Section 200.502. Joinder of Shareholders Not Required

Sec. 200.502.  JOINDER OF SHAREHOLDERS NOT REQUIRED.  The joinder of shareholders of a real estate investment trust is not required for any sale, lease, mortgage, or other disposition of all or part of the assets of the real estate investment trust.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 200.503 (2021)
2021 Texas Statutes|Business Organizations Code|Title 5 - Real Estate Investment Trusts|Chapter 200 - Real Estate Investment Trusts|Subchapter K. Miscellaneous Provisions|Section 200.503. Tax Law Requirements

Sec. 200.503.  TAX LAW REQUIREMENTS.  In connection with a real estate investment trust qualifying or attempting to qualify as a real estate investment trust under the Internal Revenue Code and the regulations adopted under the Internal Revenue Code, a provision of this chapter is subject to the provisions of the Internal Revenue Code or the regulations relating to or governing real estate investment trusts adopted under those provisions if:(1)  the provision of this chapter is contrary to or inconsistent with the federal provisions or regulations;(2)  the federal provisions or regulations require a real estate investment trust to take any action required to secure or maintain its status as a real estate investment trust under the federal provisions or regulations;  or(3)  the federal provisions or regulations prohibit the real estate investment trust from taking any action required to secure or maintain its status as a real estate investment trust under the federal provision or regulation.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 251.001 (2021)
2021 Texas Statutes|Business Organizations Code|Title 6 - Associations|Chapter 251 - Cooperative Associations|Subchapter A. General Provisions|Section 251.001. Definitions

Sec. 251.001.  DEFINITIONS.  In this chapter:(1)  "Cooperative basis" means that net savings, after payment of any investment dividends or after provision for separate funds has been made as required or authorized by law, the certificate of formation, or bylaws, are:(A)  allocated or distributed to a member patron or to each patron in proportion to patronage;  or(B)  retained by the entity for:(i)  actual or potential expansion of the entity's services;(ii)  the reduction of charges to patrons;  or(iii)  any other purpose consistent with the entity's nonprofit character.(2)  "Invested capital" means funds invested in a cooperative association by an investor with the expectation of receiving an investment dividend.(3)  "Investment dividend" means the return on invested capital or on membership capital derived from the net savings of the cooperative association.(4)  "Membership capital" means the funds of a cooperative association derived from members of the cooperative association generally as a requirement of membership or in lieu of patronage dividends.  The term does not include deposits or loans from members.(5)  "Net savings" means the total income of a cooperative association less the costs of operation.(6)  "Patronage dividend" means a share of the net savings distributed among members of the cooperative association on the basis of patronage, as provided by the certificate of formation.(7)  "Savings returns" means the amount returned by a cooperative association to patrons of a cooperative association in proportion to patronage or otherwise.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 251.002 (2021)
2021 Texas Statutes|Business Organizations Code|Title 6 - Associations|Chapter 251 - Cooperative Associations|Subchapter A. General Provisions|Section 251.002. Applicability of Nonprofit Corporation Provisions

Sec. 251.002.  APPLICABILITY OF NONPROFIT CORPORATION PROVISIONS.  (a)  A provision of Title 1 and Chapters 20 and 22 governing nonprofit corporations applies to a cooperative association.(b)  Notwithstanding Subsection (a), this chapter controls over any conflicting provision of Title 1 and Chapters 20 and 22 governing nonprofit corporations.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 251.003 (2021)
2021 Texas Statutes|Business Organizations Code|Title 6 - Associations|Chapter 251 - Cooperative Associations|Subchapter A. General Provisions|Section 251.003. Exemption

Sec. 251.003.  EXEMPTION.  This chapter does not apply to a corporation or association organized on a cooperative basis under a statute of this state other than this chapter unless that other statute specifically states that this chapter does apply.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 251.051 (2021)
2021 Texas Statutes|Business Organizations Code|Title 6 - Associations|Chapter 251 - Cooperative Associations|Subchapter B. Formation and Governing Documents|Section 251.051. Organization Meeting

Sec. 251.051.  ORGANIZATION MEETING.  After a cooperative association's certificate of formation is filed, the cooperative association shall hold an organization meeting in accordance with Section 22.104.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|
TX Bus Orgs § 251.052 (2021)
2021 Texas Statutes|Business Organizations Code|Title 6 - Associations|Chapter 251 - Cooperative Associations|Subchapter B. Formation and Governing Documents|Section 251.052. Amendment of Certificate of Formation

Sec. 251.052.  AMENDMENT OF CERTIFICATE OF FORMATION.  (a)  The board of directors of a cooperative association may propose an amendment to the cooperative association's certificate of formation by a two-thirds vote of the board members.  The members of a cooperative association may petition to amend the certificate of formation as provided by the bylaws.(b)  Not later than the 31st day before the date of the meeting, the secretary shall:(1)  send notice of a meeting to consider a proposed amendment to each member of the cooperative association at the member's last known address;  or(2)  post notice of a meeting to consider a proposed amendment in a conspicuous place in all principal places of activity of the cooperative association.(c)  The notice required by Subsection (b) must include the full text of the proposed amendment and the text of the part of the certificate of formation to be amended.(d)  To be approved, an amendment must be adopted by the affirmative vote of two-thirds of the members voting on the amendment.(e)  Not later than the 30th day after the date an amendment is adopted by the members of a cooperative association, the cooperative association shall file a certificate of amendment with the secretary of state in accordance with Chapter 4.  The certificate of amendment must be:(1)  signed by an authorized officer of the cooperative association;  and(2)  in the form required by Section 3.052.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|Sec. 251.053.  BYLAWS.  (a)  Unless the certificate of formation or bylaws of a cooperative association require a greater majority, the bylaws may be adopted, amended, or repealed by a majority vote of the cooperative association's members voting on the matter.(b)  Except as provided by this code, the bylaws may contain:(1)  requirements for admission to membership;(2)  requirements for disposal of a member's interest on cessation of membership;(3)  the time, place, and manner of calling and conducting meetings;(4)  the number or percentage of the members constituting a quorum;(5)  the number, qualifications, powers, duties, and term of directors and officers;(6)  the method of electing, removing, and filling a vacancy of directors and officers;(7)  the division or classification, if any, of directors to provide for staggered terms;(8)  the compensation, if any, of the directors;(9)  the number of directors necessary to constitute a quorum;(10)  the method for distributing the net savings;(11)  a requirement that each officer or employee of the cooperative association who handles funds or securities be bonded;(12)  other discretionary provisions of this chapter, Title 1, and Chapters 20 and 22;  and(13)  any other provision incident to a purpose or activity of the cooperative association.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.|