Sec. 21.704.  BYLAWS OF CLOSE CORPORATION.  (a)  A close corporation does not need to adopt bylaws if provisions required by law to be contained in the bylaws are contained in the certificate of formation or a shareholders' agreement.
(b)  A close corporation that does not have bylaws when it terminates its status as a close corporation under Section 21.708 shall immediately adopt bylaws that comply with Section 21.057.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.