Texas Finance Code
§ 93.001 — GENERAL CORPORATE POWERS
FI § 93.001Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 93. GENERAL POWERS
Statute text
View on source(a)A savings bank has the powers authorized by this subtitle and any other right, privilege, or power incidental to or reasonably necessary to accomplish the purposes of the savings bank.
(b)With the commissioner's prior approval, a savings bank may engage in business as a savings bank in any state of the United States to the extent permitted by the laws of that state, either directly or through the ownership of a savings bank incorporated under the laws of another state.
(c)A savings bank may:
(1)sue and be sued in its corporate name;
(2)adopt and operate a reasonable bonus plan, profit-sharing plan, stock bonus plan, stock option plan, pension plan, or similar incentive plan for its directors, officers, or employees, subject to any limitations under this subtitle or rules adopted under this subtitle;
(3)make reasonable donations for the public welfare or for a charitable, scientific, religious, or educational purpose;
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Legislative history
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.16, eff. September 1, 2005.