Texas Finance Code

§ 62.155 — COMMON STOCK

FI § 62.155Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. D. OPERATIONS AND FINANCES

Statute text

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(a)An association may not issue common stock before the common stock is fully paid for in cash.

(b)An association may not make a loan against the shares of its outstanding common stock.

(c)An association may not directly or indirectly purchase its own issued common stock.

(d)An association may not retire or redeem common stock until:

(1)all liabilities of the association are satisfied, including all amounts due to holders of savings accounts, unless:

(A)the savings accounts are insured by an agency of the United States or written permission is obtained from the commissioner; and

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Legislative history

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