Sec. 21.715. EXECUTION OF SHAREHOLDERS' AGREEMENT. A shareholders' agreement shall be executed: (1) in the case of an existing close corporation, by each shareholder at the time of execution, regardless of whether the shareholder has voting power; (2) in the case of an existing ordinary corporation that will adopt close corporation status under Section 21.705 , by each shareholder at the time of execution, regardless of whether the shareholder has voting power; or (3) in the case of a close corporation that is being formed under Section 21.703 , by each person who is a subscriber to the corporation's shares or agrees to become a holder of the corporation's shares under the shareholders' agreement of the close corporation.
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