Texas Finance Code

§ 273.203 — POWERS OF CORPORATION

FI § 273.203Title 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

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The corporation may, consistent with the purposes of this chapter, exercise the powers of a nonprofit corporation created under the laws of this state, including the power to:

(1)enter into a contract;

(2)sue and be sued;

(3)purchase, hold, lease, receive, use, encumber, transfer, lend, advance, or otherwise dispose of money or other property of any kind, or of any interest in money or other property;

(4)take the capital stock and assets of a borrowing member association as collateral securing any loan it makes to that association;

(5)hold or dispose of in any manner any collateral described by Subdivision (4) acquired as a result of default in the payment of a loan;

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Legislative history

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