Texas Business Organizations Code - BUS ORG § 21.169. Terms and Conditions of Rights and Options

(a) The terms and conditions of rights or options may include restrictions or conditions that:

(b) Rights or options created or issued before the effective date of this code that comply with this section and are not in conflict with other provisions of this code are ratified.

(c) Except as provided by Section 21.168, unless otherwise provided under the terms of rights or options or the agreement or plan under which the rights or options are issued, the authority to grant, amend, redeem, extend, or replace the rights or options on behalf of a corporation is vested exclusively in the board of directors of the corporation. A bylaw may not require the board to grant, amend, redeem, extend, or replace the rights or options.

(d) Repealed by Acts 2023, 88th Leg., ch. 27 (S.B. 1514), § 59(2).

(e) Repealed by Acts 2023, 88th Leg., ch. 27 (S.B. 1514), § 59(2).