Section 21.718 - Statement of Operation As Close Corporation(a) On or after the formation of a close corporation or adoption of close corporation status, a close corporation that begins to conduct its business and affairs under a shareholders' agreement that has become effective shall promptly execute and file with the secretary of state a statement of operation as a close corporation in accordance with Chapter 4.(b) The statement required by Subsection (a) must:(1) contain the name of the close corporation;(2) state that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement under this subchapter; and(3) contain the date the operation of the corporation began.(c) A statement of operation as a close corporation shall be executed by an officer on behalf of the corporation.(d) On the filing of the statement of operation as a close corporation, the fact that the close corporation is being operated and its business and affairs are being conducted under the terms of a shareholders' agreement becomes a matter of public record.Tex. Bus. Org. Code § 21.718
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.