Texas Finance Code - Section 33.204. Management Of Limited Banking Association
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§ 33.204. MANAGEMENT OF LIMITED BANKING ASSOCIATION. (a)
Management of a limited banking association is vested in the
participants in proportion to each participant's contribution to
capital, as adjusted periodically to properly reflect any
additional contribution. The articles of association may provide
that management of a limited banking association is vested in a
board of managers to be elected annually by the participants as
prescribed by the bylaws.
(b) Participants of a limited banking association may not
retain management and must elect a board of managers if:
(1) any participant is disqualified from serving as a
managing participant under Section 33.103;
(2) the limited banking association has fewer than
five or more than 25 participants; or
(3) any participant has been removed by the banking
commissioner under Subchapter A, Chapter 35.
(c) The articles of association, bylaws, and participation
agreement of a limited banking association may use "director"
instead of "manager" and "board" instead of "board of managers."
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 33.106 33.107 33.108 33.109 33.201 33.202 33.203 33.204 33.205 33.206 33.207 33.208 33.209 33.210 33.211
Last modified: August 10, 2007
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