Tex. Bus. Org. Code § 22.053

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 22.053 - Dividends Prohibited

Except as provided by Section 22.054, a dividend may not be paid to, and no part of the income of a corporation may be distributed to, the corporation's members, directors, or officers.

Tex. Bus. Org. Code § 22.053

Amended by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 121,Sec. 2, eff. 5/23/2015.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.