Tex. Agric. Code § 55.005 · Chapter 55. COOPERATIVE CREDIT ASSOCIATIONS
LOANS.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Each applicant for a loan or discount by an association formed under this chapter shall become a subscriber to the association's capital stock in an amount equal to 10 percent of the amount of the loan or discount for which application is made.
(b) The applicant shall pay for the stock required to be purchased by Subsection (a) of this section at or before the time that the loan is closed or the discount is granted.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1122, 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.55.htm
- Text hash
- sha256 3fe37ae78991bdf4fb6d60af283e47c65d05b8a59fbe29a6fb8362c095f44b73
- 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.