Tex. Fin. Code § 62.151 · Subchapter D. OPERATIONS AND FINANCES
COMPUTATION OF INCOME; STATEMENT OF CONDITION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association shall close its books at the times provided by its bylaws to determine the amount of its gross income for the period since the date of the last closing of its books.
(b) An association's net income for a period is computed by subtracting the association's operating expenses for the period from the association's gross income for the period.
(c) An association shall:
(1) have prepared and published a statement of the association's condition as of December 31 of each year; and
(2) file a copy of the statement with the commissioner not later than January 15 of the year following the year for which the statement is prepared.
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 fd2eb1dd854097699907f5f3a82ffc231089450e5577dd5942bd70d6b8643f3b
- 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.