Texas Finance Code

§ 182.105 — BOARD DESIGNATION OF CERTIFIED SURPLUS

FI § 182.105Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. B. AMENDMENT OF CERTIFICATE; CHANGES IN CAPITAL AND SURPLUS

Statute text

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Periodically the board may vote to designate and record in its minutes the amount of certified surplus. Except to absorb losses in excess of undivided profits and uncertified surplus, certified surplus may not be reduced without the prior written approval of the banking commissioner.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.