Texas Business Organizations Code 21.159 – Types of Consideration for Shares
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Terms Used In Texas Business Organizations Code 21.159
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- Organization: means a corporation, limited or general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, bank, insurance company, credit union, savings and loan association, or other organization, regardless of whether the organization is for-profit, nonprofit, domestic, or foreign. See Texas Business Organizations Code 1.002
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
Shares with or without par value may be issued for the following types of consideration:
(1) a tangible or intangible benefit to the corporation;
(2) cash;
(3) a promissory note;
(4) services performed or a contract for services to be performed;
(5) a security of the corporation or any other organization; and
(6) any other property of any kind or nature.