Texas Business Organizations Code 6.157 – Voting of Jointly Held Ownership Interests
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(a) In this section, “jointly held ownership interest” means:
(1) an ownership interest that is held of record in the names of two or more persons, whether fiduciaries, joint tenants, tenants in common, or otherwise; or
(2) an ownership interest for which two or more persons have the right to vote the interest under § 6.154.
(b) A jointly held ownership interest may be voted by:
(1) for a jointly held ownership interest as defined by Subsection (a)(1), any one of the record owners; or
(2) for a jointly held ownership interest as defined by Subsection (a)(2), any one of the persons having the right to vote the interest, as described by § 6.154.
Terms Used In Texas Business Organizations Code 6.157
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Ownership interest: means an owner's interest in an entity. See Texas Business Organizations Code 1.002
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- Secretary: means the:
(A) individual designated as secretary of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002 - written: means an expression of words, letters, characters, numbers, symbols, figures, or other textual information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in a perceivable form. See Texas Business Organizations Code 1.002
(c) If a jointly held ownership interest is voted by more than one person as described by Subsection (b), the act of a majority of the persons voting binds all of the record owners or persons having the right to vote the interest.
(d) If a jointly held ownership interest is voted by more than one person as described by Subsection (b), and the votes of the persons are evenly split on any particular matter, each faction may vote the interest proportionately.
(e) Subsection (b), (c), or (d) does not apply if the secretary or other person tabulating votes on the entity‘s behalf has a good faith belief, based on written information the person received regarding rights or obligations with respect to voting the jointly held ownership interest, that reliance on Subsection (b), (c), or (d), as applicable, is unwarranted.