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Texas Agriculture Code - Chapter 55 Cooperative Credit AssociationsLegal Research Home > Texas Lawyer > Agriculture Code > Texas Agriculture Code - Chapter 55 Cooperative Credit Associations An association formed under this chapter may: (1) borrow money for and lend money to its members; (2) discount, rediscount, endorse, purchase, or sell notes, ... (a) Ten or more persons who fulfill the requirements of Subsection (b) of this section may organize a private cooperative credit association. (b) To be ... In addition to the requirements prescribed by the general corporation laws of the state, the articles of incorporation of an association formed under this chapter ... (a) Except as provided by Subsection (b) of this section, an association may be organized under this chapter with or without capital stock. (b) If ... (a) Each applicant for a loan or discount by an association formed under this chapter shall become a subscriber to the association's capital stock in ... (a) The total amount of the outstanding loans or discounts of an association formed under this chapter may not exceed an amount equal to 10 ... (a) The board of directors of an association formed under this chapter may authorize the purchase of the association's capital stock at the book value ... Before January 11, April 11, July 11, and October 11, each association formed under this chapter with capital stock shall file with the secretary of ... (a) When the articles of incorporation of an association formed under this chapter are filed, the incorporators shall pay to the secretary of state a ... An association formed under this chapter is exempt from all franchise or other license taxes, except that: (1) an association is not exempt from the ... Last modified: August 10, 2007 |