Texas Insurance Code 4053.110 – Redemption of Corporate Shares
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Terms Used In Texas Insurance Code 4053.110
- 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.
A corporation acting as a managing general agent may redeem the shares of a shareholder or a deceased shareholder:
(1) on terms agreed on by the board of directors and the shareholder or the shareholder’s personal representative; or
(2) at a price and on terms provided in the articles of incorporation, the bylaws, or an existing contract entered into between the shareholders.