Texas Agriculture Code
§ 54.008 — RATIO OF CAPITAL TO LOANS
AG § 54.008Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 54. MUTUAL LOAN CORPORATIONS
Statute text
View on source(a)A corporation formed under this chapter shall automatically increase its capital stock at the rate of five percent of the amount of loans made by the corporation to shareholders of its common stock.
(b)The corporation's articles of incorporation and bylaws must state the requirement of Subsection (a) of this section.
Legislative history
Acts 1981, 67th Leg., p. 1120, ch. 388, Sec. 1, eff. Sept. 1, 1981.