Texas Business Organizations Code
Sec. § 10.366
Status of Ownership Interest Held or Formerly Held by Dissenting Owner


An ownership interest of an organization acquired by a responsible organization under this subchapter:


in the case of a merger, conversion, or interest exchange, shall be held or disposed of as provided in the plan of merger, conversion, or interest exchange; and


in any other case, may be held or disposed of by the responsible organization in the same manner as other ownership interests acquired by the organization or held in its treasury.


An owner who has demanded payment for the owners ownership interest under Section 10.356 is not entitled to vote or exercise any other rights of an owner with respect to the ownership interest except the right to:


receive payment for the ownership interest under this subchapter; and


bring an appropriate action to obtain relief on the ground that the action to which the demand relates would be or was fraudulent.


An ownership interest for which payment has been demanded under Section 10.356 may not be considered outstanding for purposes of any subsequent vote or action.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 84 (S.B. 1442), Sec. 20, eff. September 1, 2009.
Last accessed
Dec. 5, 2019