Tex. Fin. Code § 125.002 · Subchapter A. GENERAL PROVISIONS
SHARE ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed by the bylaws. A credit union may limit the number of shares that may be owned by a member, but any such limitation must be applied equally to all members.
(b) A credit union may require credit union members to subscribe to and make payments on membership shares. Membership shares may not be pledged as security on any loan.
(c) The board of directors may establish different classes of share accounts classified in relation to different rights, restrictions, par value, and dividend rates.
(d) A joint account may hold more than one membership share, supporting membership for more than one member of the credit union.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 41, eff. Sept. 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.125.htm
- Text hash
- sha256 a223f357305be2b151e1cb240a08bc205ee3c93dbc42ab06f775b1daa6c997b0
- 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.