Section 21.206 - Limitation on Action to Enforce Preemptive Right(a) An action brought against a corporation, the board of directors or an officer, shareholder, or agent of the corporation, or an owner of a beneficial interest in shares of the corporation for the violation of a preemptive right of a shareholder under Sections 21.203 and 21.204 must be brought not later than the earlier of:(1) the first anniversary of the date written notice is given to each shareholder whose preemptive right was violated; or(2) the fourth anniversary of the latest of:(A) the date the corporation issued the shares, securities, or rights;(B) the date the corporation sold the shares, securities, or rights; or(C) the date the corporation otherwise distributed the shares, securities, or rights.(b) The notice required by Subsection (a)(1) must: (1) be sent to the holder at the address for the holder as shown on the appropriate records of the corporation; and(2) inform the holder that the issuance, sale, or other distribution of shares, securities, or rights violated the holder's preemptive right.Tex. Bus. Org. Code § 21.206
Amended by Acts 2011, 82nd Leg., R.S., Ch. 139, Sec. 24, eff. 9/1/2011. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.