Texas Business Organizations Code 10.304 – Right of Dissent and Appraisal Excluded
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Terms Used In Texas Business Organizations Code 10.304
- Appraisal: A determination of property value.
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Member: means :
(A) in the case of a limited liability company, a person who has become, and has not ceased to be, a member in the limited liability company as provided by its governing documents or this code;
(B) in the case of a nonprofit corporation, a person who has membership rights in the nonprofit corporation under its governing documents;
(C) in the case of a cooperative association, a member of a nonshare or share association;
(D) in the case of a nonprofit association, a person who has membership rights in the nonprofit association under its governing documents; or
(E) in the case of a professional association, a person who has membership rights in the professional association under its governing documents. See Texas Business Organizations Code 1.002 - Statute: A law passed by a legislature.
An owner or member of a domestic entity subject to dissenters’ rights being reorganized under a federal statute does not have a right to dissent and appraisal under this code except as provided by the plan of reorganization.