The Texas Amendment of terms of Class B preferred stock refers to the modification or alteration made to the terms and conditions associated with Class B preferred stock in the state of Texas. This amendment allows for changes to be made to the rights, privileges, preferences, restrictions, and other provisions governing Class B preferred stock. Class B preferred stock refers to a type of equity security issued by a corporation that grants its holders certain advantages over common stockholders. These advantages may include priority in dividend payments, liquidation preference, and voting rights. The terms of Class B preferred stock are typically outlined in a corporation's charter or certificate of incorporation. The Texas Amendment of terms of Class B preferred stock allows corporations in Texas to modify the existing terms of their Class B preferred stock. This amendment can be used to tailor the provisions of Class B preferred stock to ensure they meet the specific needs of a corporation or to align with changing market conditions. In Texas, there may be different types of amendments that can be made to the terms of Class B preferred stock. Some possible types of amendments include: 1. Dividend Preference Amendment: This amendment allows for changes to be made to the dividend preferences associated with Class B preferred stock. It may involve altering the priority or the rate at which dividends are paid to Class B preferred stockholders. 2. Liquidation Preference Amendment: This type of amendment enables changes in the liquidation preference of Class B preferred stock. It may involve modifying the order of priority for distributing assets during a liquidation event or adjusting the amount of preference given to Class B preferred stockholders. 3. Voting Rights Amendment: This amendment focuses on modifications to the voting rights of Class B preferred stockholders. It may involve increasing or reducing the voting power of Class B preferred stockholders or granting them specific voting rights on certain corporate matters. 4. Conversion Rights Amendment: This type of amendment allows for alterations to be made to the conversion rights associated with Class B preferred stock. It may involve changing the conversion ratio or adjusting the terms under which Class B preferred stock can be converted into common stock. Overall, the Texas Amendment of terms of Class B preferred stock provides corporations in Texas with the flexibility to adjust the rights and preferences of their Class B preferred stock to better align with their business strategies and changing circumstances. It is important for corporations to consult with legal counsel and follow the necessary procedures and regulations outlined by the Texas Secretary of State when seeking to amend the terms of their Class B preferred stock.
Texas Amendment of terms of Class B preferred stock
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Section 21.418 - Contracts or Transactions Involving Interested Directors and Officers (a) This section applies to a contract or transaction between a corporation and: (1) one or more directors or officers, or one or more affiliates or associates of one or more directors or officers, of the corporation; or (2) an ...
(a) Regular meetings of the board of directors of a corporation may be held with or without notice as prescribed by the corporation's bylaws. (b) Special meetings of the board of directors shall be held with notice as prescribed by the bylaws.