Texas Finance Code - Section 92.052. Additional Requirements For Capital Stock Savings Bank
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§ 92.052. ADDITIONAL REQUIREMENTS FOR CAPITAL STOCK
SAVINGS BANK. (a) A capital stock savings bank's articles of
incorporation must include a statement of:
(1) the aggregate number of shares of common stock
that the savings bank may issue;
(2) the par value of each share or that the shares are
without par value;
(3) whether the savings bank may issue preferred
stock;
(4) the amount of stock that has been subscribed and
will be paid for before the savings bank begins business;
(5) the name and address of each subscriber and the
amount subscribed by each; and
(6) the amount of paid-in surplus with which the
savings bank will begin business.
(b) Before approving the application of a capital stock
savings bank, the commissioner shall require the savings bank to
have an aggregate amount of capital in the form of stock and paid-in
surplus the finance commission by rule specifies.
(c) The subscriptions for capital stock, less any lawful
expenditures, shall be returned pro rata to the subscribers if:
(1) the application is not approved; or
(2) the savings bank does not begin business.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 36, eff. Sept. 1, 2001.
Section: 91.003 91.004 91.005 91.006 91.007 92.001 92.051 92.052 92.053 92.054 92.055 92.056 92.057 92.058 92.059
Last modified: August 10, 2007
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