Section 21.723 - Party Not Bound By Shareholders' Agreement on Cessation; Liability(a) Notwithstanding the person's signature, a person ceases to be a party to, and bound by, a shareholders' agreement when the person ceases to be a shareholder of the close corporation unless:(1) the person's attempted cessation was in violation of Section 21.721 or the shareholders' agreement; or(2) the shareholders' agreement provides to the contrary.(b) Cessation as a party to a shareholders' agreement or as a shareholder does not relieve a person of liability the person may have incurred for breach of the shareholders' agreement.Tex. Bus. Org. Code § 21.723
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.