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Texas Business Organizations Code - BUS ORG § 6.157. Voting of Jointly Held Ownership Interests

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) In this section, “jointly held ownership interest” means:

(1) an ownership interest that is held of record in the names of two or more persons, whether fiduciaries, joint tenants, tenants in common, or otherwise; or

(2) an ownership interest for which two or more persons have the right to vote the interest under Section 6.154.

(b) A jointly held ownership interest may be voted by:

(1) for a jointly held ownership interest as defined by Subsection (a)(1), any one of the record owners; or

(2) for a jointly held ownership interest as defined by Subsection (a)(2), any one of the persons having the right to vote the interest, as described by Section 6.154.

(c) If a jointly held ownership interest is voted by more than one person as described by Subsection (b), the act of a majority of the persons voting binds all of the record owners or persons having the right to vote the interest.

(d) If a jointly held ownership interest is voted by more than one person as described by Subsection (b), and the votes of the persons are evenly split on any particular matter, each faction may vote the interest proportionately.

(e) Subsection (b), (c), or (d) does not apply if the secretary or other person tabulating votes on the entity's behalf has a good faith belief, based on written information the person received regarding rights or obligations with respect to voting the jointly held ownership interest, that reliance on Subsection (b), (c), or (d), as applicable, is unwarranted.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 6.157. Voting of Jointly Held Ownership Interests - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-6-157/

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