Tex. Agric. Code § 54.010 · Chapter 54. MUTUAL LOAN CORPORATIONS
LIABILITY OF SHAREHOLDER.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except for debts contracted between a corporation formed under this chapter and a shareholder, a shareholder of common or preferred stock is not liable for the debts, contracts, or engagements of the corporation in an amount greater than the par value of the stock owned by the shareholder.
(b) Both common and preferred stock are nonassessable.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1121, 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 785a4994a1c9f1d3463546375b9062054bd87cf30bbfdaa13b3ae914fd1f8df3
- 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.