Texas § 21.718 STATEMENT OF OPERATION AS CLOSE CORPORATION.

Texas Statutes

§ 21.718 — STATEMENT OF OPERATION AS CLOSE CORPORATION.

Texas § 21.718

Code BOBusiness Organizations Code

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Bluebook

Tex. Business Organizations Code Code Ann. § 21.718 (2026).

Text

Sec. 21.718. STATEMENT OF OPERATION AS CLOSE CORPORATION.

(a)On or after the formation of a close corporation or adoption of close corporation status, a close corporation that begins to conduct its business and affairs under a shareholders' agreement that has become effective shall promptly execute and file with the secretary of state a statement of operation as a close corporation in accordance with Chapter 4 .

(b)The statement required by Subsection (a) must:

(1)contain the name of the close corporation;

(2)state that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement under this subchapter; and

(3)contain the date the operation of the corporation began.

(c)A statement of operation as a close corporat

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Sec. 21.718. STATEMENT OF OPERATION AS CLOSE CORPORATION. (a) On or after the formation of a close corporation or adoption of close corporation status, a close corporation that begins to conduct its business and affairs under a shareholders' agreement that has become effective shall promptly execute and file with the secretary of state a statement of operation as a close corporation in accordance with Chapter 4 .
(b) The statement required by Subsection (a) must:
(1) contain the name of the close corporation;
(2) state that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement under this subchapter; and
(3) contain the date the operation of the corporation began.
(c) A statement of operation as a close corporation shall be executed by an officer on behalf of the corporation.
(d) On the filing of the statement of operation as a close corporation, the fact that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement becomes a matter of public record.