Tex. Bus. Org. Code § 21.369

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

Section 21.369 - Revocability of Proxy

(a) In this section, a "proxy coupled with an interest" includes the appointment as proxy of:

(1) a pledgee;

(2) a person who purchased or agreed to purchase the shares subject to the proxy;

(3) a person who owns or holds an option to purchase the shares subject to the proxy;

(4) a creditor of the corporation who extended the corporation credit under terms requiring the appointment;

(5) an employee of the corporation whose employment contract requires the appointment; or

(6) a party to a voting agreement created under Section 6.252 or a shareholders' agreement created under Section 21.101.

(b) A proxy is revocable unless:

(1) the proxy form conspicuously states that the proxy is irrevocable; and

(2) the proxy is coupled with an interest.

Tex. Bus. Org. Code § 21.369

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