Tex. Agric. Code § 54.005 · Chapter 54. MUTUAL LOAN CORPORATIONS
CAPITAL STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The incorporators or the board of directors of a corporation formed under this chapter may divide the corporation's capital stock into preferred and common stock.
(b) If preferred stock is to be issued, the articles of incorporation must state:
(1) the amount of preferred stock that the corporation may issue;
(2) the conditions and procedure for the payment of dividends on preferred stock;
(3) the rate at which preferred stock dividends are paid; and
(4) the conditions and procedure for the retirement of preferred and common stock.
(c) A corporation may not pay dividends on its common stock until it has fully paid dividends on its preferred stock at the rate provided by its articles of incorporation.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1120, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/AG/htm/AG.54.htm
- Text hash
- sha256 0d4c0154674f6ce49f28ea6450169b924235b9bc09ba9355266fda1833080f0d
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.