Texas Finance Code

§ 273.107 — REMOVAL OF BOARD MEMBER

FI § 273.107Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 273. SAVINGS AND LOAN SUPPLEMENTAL FUND ACT · Art. B. ORGANIZATION OF CORPORATION

Statute text

View on source

The board may remove an elected director from office by a two-thirds majority vote at a meeting called for that express purpose because the director has failed to:

(1)maintain the standards for directors specified in the plan of operation; or

(2)perform any required duty.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.