Sec. 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.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.