Texas Finance Code - Section 92.152. Board Of Directors
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Texas Laws > Finance Code > Texas Finance Code - Section 92.152. Board Of Directors
Section: 92.061 92.062 92.063 92.101 92.102 92.103 92.151 92.152 92.153 92.154 92.155 92.156 92.157 92.158 92.201
§ 92.152. BOARD OF DIRECTORS. (a) A board of not fewer
than five or more than 21 directors shall direct the business of a
savings bank. The members or shareholders may change the number of
directors, within the prescribed limits, by resolution adopted at
an annual meeting or a special meeting called for that purpose.
(b) The members or shareholders shall elect the board by a
majority vote at the annual meeting. The directors may be elected
for staggered terms of longer than one year as provided by the
savings bank's bylaws or articles of incorporation.
(c) The bylaws of a capital stock savings bank may require
that all or a majority of the board be shareholders.
(d) A vacancy on the board is filled by the election by a
majority vote of the remaining directors, regardless of whether a
quorum exists, of a director to serve until the next annual meeting
of members or shareholders. The remaining directors may continue
to direct the savings bank until the vacancy is filled.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.33(a), eff. Sept. 1, 1999.
Last modified: August 11, 2007