Texas Finance Code - Section 92.209. Preferred Stock
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§ 92.209. PREFERRED STOCK. (a) A savings bank may not
issue preferred stock before the preferred stock is fully paid for
in cash.
(b) A savings bank may not make a loan against the shares of
its outstanding preferred stock.
(c) A savings bank may retire or redeem preferred stock in
the manner provided by:
(1) the articles of incorporation; or
(2) a resolution of the board of the savings bank
establishing the rights and preferences relating to the stock.
(d) The extent to which preferred stock may be included as
regulatory capital of a savings bank is subject to the rules adopted
by the finance commission.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 46, eff. Sept. 1, 2001.
Section: 92.202 92.203 92.204 92.205 92.206 92.207 92.208 92.209 92.210 92.211 92.212 92.213 92.251 92.252 92.253
Last modified: August 10, 2007
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