Texas Finance Code
§ 62.157 — SERIES AND CLASSES OF PREFERRED STOCK
FI § 62.157Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. D. OPERATIONS AND FINANCES
Statute text
View on source(a)The articles of incorporation may:
(1)authorize that shares of preferred stock be divided into and issued in series; and
(2)determine the rights and preferences of each series or part of a series.
(b)Each series must be clearly designated to distinguish its shares from the shares of other series or classes.
(c)The articles of incorporation may authorize the board by resolution to divide classes of preferred stock into series and to determine the rights and preferences of the shares of each series. A copy of the resolution must be submitted to the commissioner before the shares may be issued. The commissioner shall file the resolution in the commissioner's office if the resolution conforms to this subtitle. After the resolution is filed, it is considered an amendment of the association's articles of incorporation.
(d)All shares of the same class of preferred stock must be identical except for the following rights and preferences:
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.