Tex. Fin. Code § 62.002 · Subchapter A. INCORPORATION IN GENERAL
ADDITIONAL INCORPORATION REQUIREMENTS FOR CAPITAL STOCK ASSOCIATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A capital stock association's articles of incorporation must include a statement of:
(1) the aggregate number of shares of common stock that the association may issue;
(2) the par value of each share or that the shares are without par value;
(3) whether the association may issue preferred stock;
(4) the amount of stock that has been subscribed and will be paid for before the association begins business;
(5) the name and address of each subscriber and the amount subscribed by each; and
(6) the amount of paid-in surplus with which the association will begin business.
(b) Before approving the application of a capital stock association, the commissioner may require the association to have an aggregate amount of capital in the form of stock and paid-in surplus that the finance commission by rule specifies.
(c) The subscriptions for capital stock and paid-in surplus, less lawful expenditures, shall be returned pro rata to the subscribers if:
(1) the application is not approved; or
(2) the association does not begin business.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.62.htm
- Text hash
- sha256 9048115f1c9e4f217116ad144b33763e6c14728e3adf5960011214405b5acbf0
- 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.