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Texas Agriculture Code - Chapter 54 Mutual Loan CorporationsLegal Research Home > Texas Lawyer > Agriculture Code > Texas Agriculture Code - Chapter 54 Mutual Loan Corporations Sponsored LinksA corporation may be formed under this chapter to aid shareholders of its common stock in: (1) producing, or producing and marketing, staple agricultural products; ... (a) A corporation formed under this chapter may make loans to shareholders of its common stock for: (1) the production, or production and marketing, of ... Ten or more persons, five of whom are citizens of this state, may form a corporation under this chapter. Acts 1981, 67th Leg., p. 1119, ... At the time of filing the articles of incorporation, a corporation formed under this chapter must have fully paid-up capital stock of $10,000 or more. ... (a) The incorporators or the board of directors of a corporation formed under this chapter may divide the corporation's capital stock into preferred and common ... After obtaining the approval of the banking commissioner, any corporation organized under the laws of this state other than a savings bank may invest any ... At all times, a corporation formed under this chapter shall have $10,000 or more of its capital invested in securities approved by law for investment ... (a) A corporation formed under this chapter shall automatically increase its capital stock at the rate of five percent of the amount of loans made ... (a) Except as provided by this subsection, each applicant for a loan or discount by a corporation formed under this chapter shall become a subscriber ... (a) Except for debts contracted between a corporation formed under this chapter and a shareholder, a shareholder of common or preferred stock is not liable ... (a) A corporation formed under this chapter may purchase, out of its available funds, any of its outstanding stock. (b) The corporation shall pay book ... Before January 11 and July 11 of each year, a corporation formed under this chapter shall file with the secretary of state a report showing: ... Corporations formed under this chapter are not required to pay franchise taxes. Acts 1981, 67th Leg., p. 1121, ch. 388, § 1, eff. Sept. 1, ... Last modified: August 11, 2007 |