Tex. Agric. Code § 55.007 · Chapter 55. COOPERATIVE CREDIT ASSOCIATIONS
REPURCHASE OF STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board of directors of an association formed under this chapter may authorize the purchase of the association's capital stock at the book value conclusively determined by the board and pay cash for the stock within one year thereafter if:
(1) the liabilities of the association are less than 50 percent of its assets; and
(2) the directors determined that the stock may be purchased without impairment of the association's financial condition.
(b) The board of directors in its discretion may retire pro rata stock held by a member or group of members whose loans have been paid in whole or part.
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 132c2a6b89ed9fefd928ff08ecfa1ecc3414717b5828db7ec32036b2ef0c5c2a
- 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.