Section 10.055 - General Effect of Interest Exchange When an interest exchange takes effect:
(1) the ownership or membership interest of each acquired organization is exchanged as provided in the plan of exchange, and the former owners or members whose interests are exchanged under the plan of exchange are entitled only to the rights provided in the plan of exchange or, if applicable, a right to receive the fair value for the ownership interests provided under Subchapter H; and(2) the acquiring organization has all rights, title, and interests with respect to the ownership or membership interest to be acquired by it subject to the provisions of the plan of exchange.Tex. Bus. Org. Code § 10.055
Amended by Acts 2007, 80th Leg., R.S., Ch. 688, Sec. 51, eff. 9/1/2007. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.