Tex. Fin. Code § 62.102 · Subchapter C. ADMINISTRATION
BOARD OF DIRECTORS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A board of not less than five or more than 21 directors shall direct the business of the association. The members or shareholders shall periodically set the number of directors by a resolution adopted at an annual meeting or a special meeting called for that purpose.
(b) The members or shareholders shall elect the board by a majority vote at each annual meeting.
(c) The bylaws of a capital stock association may require all or a majority of the board to be elected from among the holders of the capital stock.
(d) A vacancy on the board is filled by the election by a majority vote of the remaining directors, regardless of whether a quorum exists, of a director to serve until the next annual meeting of the members or shareholders. The remaining directors may continue to direct the association until the vacancy is filled.
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 0710793bbd4d5124f4e0e26ccdce8b65afd2b1b49915c82f5b3db8ec3c2c2b37
- 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.