Texas Agriculture Code Title 4, Chapter 54 - Mutual Loan Corporations

• Texas Section 54.001 - Purpose
  A corporation may be formed under this chapter to aid shareholders of its common stock in: (1) producing, or producing and marketing, staple agricultural products;...
• Texas Section 54.002 - Powers
  (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...
• Texas Section 54.003 - Incorporators
  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,...
• Texas Section 54.004 - Capital Stock Requirement For Incorporation
  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....
• Texas Section 54.005 - Capital Stock
  (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...
• Texas Section 54.006 - Investment By Other Corporations
  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...
• Texas Section 54.007 - Investment Of Capital
  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...
• Texas Section 54.008 - Ratio Of Capital To Loans
  (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...
• Texas Section 54.009 - Loans And Discounts
  (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...
• Texas Section 54.010 - Liability Of Shareholder
  (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...
• Texas Section 54.011 - Repurchase Of Stock
  (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...
• Texas Section 54.012 - Reports
  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:...
• Texas Section 54.013 - Exemption From Franchise Tax
  Corporations formed under this chapter are not required to pay franchise taxes. Acts 1981, 67th Leg., p. 1121, ch. 388, Sec. 1, eff. Sept. 1,

Last modified: September 28, 2016