Texas Agriculture Code Title 4, Chapter 55 - Cooperative Credit Associations

Texas Section 55.001 - Powers
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,...
Texas Section 55.002 - Incorporators
(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...
Texas Section 55.003 - Articles Of Incorporation
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...
Texas Section 55.004 - Capital Stock
(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...
Texas Section 55.005 - Loans
(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...
Texas Section 55.006 - Ratio Of Capital To Loans
(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...
Texas Section 55.007 - Repurchase Of Stock
(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...
Texas Section 55.008 - Reports
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...
Texas Section 55.009 - Fees
(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...
Texas Section 55.010 - Exemption From Franchise Tax
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: September 28, 2016