Texas Finance Code

§ 273.111 — QUORUM; VOTING

FI § 273.111Title 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

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(a)A quorum of the board consists of not less than a majority of all directors, except that:

(1)less than a majority of all directors may adjourn from time to time; and

(2)a majority of directors holding office constitutes a quorum for filling a vacancy on the board.

(b)Each member association is entitled to one vote on a matter at a meeting of the member associations, including the election of directors. The vote must be cast by a delegate authorized to act by that association.

(c)A majority of the votes cast is required to elect a director or approve a question to be voted on by the directors.

Legislative history

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