Section 21.161 - Amount of Consideration for Issuance of Certain Shares(a) Consideration to be received by a corporation for the issuance of shares with par value may not be less than the par value of the shares.(b) The part of the surplus of a corporation that is transferred to stated capital on the issuance of shares as a share distribution is considered to be the consideration for the issuance of those shares.(c) The consideration received by a corporation for the issuance of shares on the conversion or exchange of its indebtedness or shares is:(1) the principal of, and accrued interest on, the indebtedness exchanged or converted, or the stated capital on the issuance of the shares;(2) the part of surplus, if any, transferred to stated capital on the issuance of the shares; and(3) any additional consideration paid to the corporation on the issuance of the shares.(d) The consideration received by a corporation for the issuance of shares on the exercise of rights or options is: (1) any consideration received by the corporation for the rights or options; and(2) any consideration received by the corporation for the issuance of shares on the exercise of the rights or options.Tex. Bus. Org. Code § 21.161
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.