Tex. Fin. Code § 62.155 · Subchapter D. OPERATIONS AND FINANCES
COMMON STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association may not issue common stock before the common stock is fully paid for in cash.
(b) An association may not make a loan against the shares of its outstanding common stock.
(c) An association may not directly or indirectly purchase its own issued common stock.
(d) An association may not retire or redeem common stock until:
(1) all liabilities of the association are satisfied, including all amounts due to holders of savings accounts, unless:
(A) the savings accounts are insured by an agency of the United States or written permission is obtained from the commissioner; and
(B) the retirement or redemption is authorized by a majority vote of the association's stockholders at an annual meeting or a special meeting called for that purpose;
(2) the basis of the retirement or redemption is approved by the commissioner; and
(3) if an association's accounts are insured, the association files written consent from the insuring agency with the commissioner.
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 4b1b2ebf05590db7edd1eee15760d83bc995929f1c347a64d97c0fd74f2f13ec
- 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.