Tex.
Bus. Orgs. Code Section 200.155
Valid Restriction on Transfer
(1)
obligates the holder of the restricted security to offer a person, including the real estate investment trust or other holders of securities of the real estate investment trust, an opportunity to acquire the restricted security within a reasonable time before the transfer;(2)
obligates the real estate investment trust, to the extent provided by this code, or another person to purchase a security that is the subject of an agreement relating to the purchase and sale of the restricted security;(3)
requires the real estate investment trust or the holders of a class of the real estate investment trust’s securities to consent to a proposed transfer of the restricted security or to approve the proposed transferee of the restricted security for the purpose of preventing a violation of law;(4)
prohibits the transfer of the restricted security to a designated person or group of persons and the designation is not manifestly unreasonable; or(5)
maintains a tax advantage to the real estate investment trust, including maintaining its status as a real estate investment trust under the relevant provisions of the Internal Revenue Code and regulations adopted under the Internal Revenue Code.
Source:
Section 200.155 — Valid Restriction on Transfer, https://statutes.capitol.texas.gov/Docs/BO/htm/BO.200.htm#200.155
(accessed Mar. 23, 2024).