(a) Except as provided by Subsection (b), an ownership interest owned by the entity that is the issuer of the interest, or by its direct or indirect subsidiary, may not be:
- (1) directly or indirectly voted at a meeting; or
- (2) included in determining at any time the total number of outstanding ownership interests of the entity.
- (b) This section does not preclude a domestic or foreign entity from voting an ownership interest, including an interest in the entity, held or controlled by the entity in a fiduciary capacity or for which the entity otherwise exercises voting power in a fiduciary capacity.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.