Texas Finance Code

§ 62.252 — ELECTION OF DIRECTORS; EXECUTION AND ACKNOWLEDGMENT OF APPLICATION AND BYLAWS

FI § 62.252Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. F. CONVERSION OF FEDERAL ASSOCIATION OR STATE OR NATIONAL BANK TO STATE ASSOCIATION

Statute text

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(a)At the meeting under Section 62.251(a), the members or shareholders shall elect the directors of the association.

(b)The directors shall execute two copies of the application required by Section 62.251.

(c)Each director of the association shall sign and acknowledge the application as a subscriber and the proposed bylaws as an incorporator.

Legislative history

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