Texas Business Organizations Code 21.712 – Term of Office of Directors
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Terms Used In Texas Business Organizations Code 21.712
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- 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
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
- Succeeding: means immediately following. See Texas Government Code 312.011
A director succeeding to the management of the corporation under § 21.710(c) shall have a term of office as set forth in § 21.408. Until a board of directors is elected, the shareholders of the corporation shall act as the corporation’s board of directors, and the business and affairs of the corporation shall be conducted under § 21.726.