Sec. 21.720. PERSONS BOUND BY SHAREHOLDERS' AGREEMENT. (a) A shareholders' agreement executed in accordance with Section 21.715 is: (1) considered to be an agreement among all of the shareholders of the close corporation; and (2) binding on and enforceable against each shareholder of the close corporation, regardless of whether: (A) a particular shareholder acquired shares in the close corporation by purchase, gift, bequest, or otherwise; or (B) the shareholder had actual knowledge of the existence of the shareholders' agreement at the time of acquiring shares. (b) A transferee or assignee of shares of a close corporation in which there is a shareholders' agreement is bound by the agreement for all purposes, regardless of whether the transferee or assignee executed or was aware of the agreement.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.