Texas Statutes
§ 21.304 — REDEMPTIONS.
Texas § 21.304
JurisdictionTexas
Code BOBusiness Organizations Code
This text of Texas § 21.304 (REDEMPTIONS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Tex. Business Organizations Code Code Ann. § 21.304 (2026).
Text
Sec. 21.304. REDEMPTIONS.
(a)A distribution by a corporation that involves a redemption of outstanding redeemable shares of the corporation subject to redemption may be related to any or all of those shares.
(b)If less than all of the outstanding redeemable shares of a corporation subject to redemption are to be redeemed, the shares to be redeemed shall be selected for redemption:
(1)in accordance with the corporation's certificate of formation; or
(2)ratably or by lot in the manner prescribed by resolution of the corporation's board of directors, if the certificate of formation does not specify how shares are to be selected for redemption.
(c)A redemption of redeemable shares takes effect by call and written notice of the redemption of the shares.
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Legislative History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Nearby Sections
15
§ 21.002
DEFINITIONS.§ 21.057
BYLAWS.§ 21.058
DUAL AUTHORITY.§ 21.059
ORGANIZATION MEETING.§ 21.101
SHAREHOLDERS' AGREEMENT.§ 21.102
TERM OF AGREEMENT.Cite This Page — Counsel Stack
Bluebook (online)
Texas § 21.304, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/BO/21.304.