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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Cumulative voting is allowed only if specifically authorized by the certificate of formation of a real estate investment trust.
(b) Cumulative voting occurs when a shareholder:
(1) gives one candidate as many votes as the total of the number of the trust managers to be elected multiplied by the shareholder's shares; or
(2) distributes the votes among one or more candidates using the same principle.
(c) If cumulative voting is specifically authorized by the certificate of formation, a shareholder who intends to cumulate votes must give written notice of that intention to the trust managers on or before the day preceding the date of the election at which the shareholder intends to cumulate votes.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 200.259. Cumulative Voting in Election of Trust Managers - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-200-259/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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