Tex. Fin. Code § 92.209 · Subchapter E. OPERATIONS AND FINANCES
PREFERRED STOCK.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A savings bank may not issue preferred stock before the preferred stock is fully paid for in cash.
(b) A savings bank may not make a loan against the shares of its outstanding preferred stock.
(c) A savings bank may retire or redeem preferred stock in the manner provided by:
(1) the articles of incorporation; or
(2) a resolution of the board of the savings bank establishing the rights and preferences relating to the stock.
(d) The extent to which preferred stock may be included as regulatory capital of a savings bank is subject to the rules adopted by the finance commission.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 46, eff. Sept. 1, 2001.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.92.htm
- Text hash
- sha256 4e6083040cc12bce9e2376bbda5e0596cb21cfe6132b64e9c515f6d0b0550dc1
- 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.