Texas Finance Code

§ 62.102 — BOARD OF DIRECTORS

FI § 62.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. C. ADMINISTRATION

Statute text

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(a)A board of not less than five or more than 21 directors shall direct the business of the association. The members or shareholders shall periodically set the number of directors by a resolution adopted at an annual meeting or a special meeting called for that purpose.

(b)The members or shareholders shall elect the board by a majority vote at each annual meeting.

(c)The bylaws of a capital stock association may require all or a majority of the board to be elected from among the holders of the capital stock.

(d)A vacancy on the board is filled by the election by a majority vote of the remaining directors, regardless of whether a quorum exists, of a director to serve until the next annual meeting of the members or shareholders. The remaining directors may continue to direct the association until the vacancy is filled.

Legislative history

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