Texas Finance Code

§ 273.201 — PLAN OF OPERATION; AMENDMENT

FI § 273.201Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 273. SAVINGS AND LOAN SUPPLEMENTAL FUND ACT · Art. C. OPERATION OF CORPORATION

Statute text

View on source

(a)After the directors have been selected and taken office, the board shall submit to the commissioner a plan of operation the board finds necessary and suitable to assure the fair, reasonable, and equitable administration of the corporation. The plan must:

(1)contain explicit standards for admission to and retention of membership in the corporation;

(2)establish procedures for handling the assets of the corporation;

(3)establish the amount and method of reimbursing directors;

(4)establish a regular place and time for board meetings;

(5)establish procedures for keeping records of financial transactions of the board, the corporation, and the corporation's agents;

…

Legislative history

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