Texas Finance Code

§ 92.208 — COMMON STOCK

FI § 92.208Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. E. OPERATIONS AND FINANCES

Statute text

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(a)A savings bank may not issue common stock before the common stock is fully paid for in cash.

(b)A savings bank may not make a loan against the shares of its outstanding common stock.

(c)A savings bank may not purchase, directly or indirectly, its own issued common stock, except under a stock repurchase plan approved in advance by the commissioner.

(d)A savings bank may not retire or redeem common stock until:

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

(A)prior written permission is obtained from the commissioner; and

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Legislative history

Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.09, eff. September 1, 2005.