Section 200.204 - Reserves, Designations, and Allocations From Surplus(a) A real estate investment trust, by resolution of the trust managers of the real estate investment trust, may:(1) create a reserve out of the surplus of the real estate investment trust; or(2) designate or allocate in any manner a part or all of the real estate investment trust's surplus for a proper purpose.(b) A real estate investment trust may increase, decrease, or abolish a reserve, designation, or allocation in the manner provided by Subsection (a).Tex. Bus. Org. Code § 200.204
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.