Texas § 21.958 DERIVATIVE SUITS.

Texas Statutes

§ 21.958 — DERIVATIVE SUITS.

Texas § 21.958

Code BOBusiness Organizations Code

This text of Texas § 21.958 (DERIVATIVE SUITS.) 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. § 21.958 (2026).

Text

Sec. 21.958. DERIVATIVE SUITS.

(a)In this section, "shareholder" means:

(1)shareholders of a public benefit corporation that own, individually or collectively, at least two percent of the corporation's outstanding shares; or

(2)shareholders of a public benefit corporation the shares of which are listed on a national securities exchange that own at least the lesser of:

(A)the percentage of shares described by Subdivision (1); or

(B)shares whose market value is at least $2 million.

(b)A shareholder of a public benefit corporation may maintain a derivative action on behalf of the corporation to enforce compliance with the requirements of Section 21.956 (a).

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Sec. 21.958. DERIVATIVE SUITS. (a) In this section, "shareholder" means:
(1) shareholders of a public benefit corporation that own, individually or collectively, at least two percent of the corporation's outstanding shares; or
(2) shareholders of a public benefit corporation the shares of which are listed on a national securities exchange that own at least the lesser of:
(A) the percentage of shares described by Subdivision (1); or
(B) shares whose market value is at least $2 million.
(b) A shareholder of a public benefit corporation may maintain a derivative action on behalf of the corporation to enforce compliance with the requirements of Section 21.956 (a).