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Texas Finance Code - Chapter 273 Savings And Loan Supplemental Fund ActLegal Research Home > Texas Laws > Finance Code > Texas Finance Code - Chapter 273 Savings And Loan Supplemental Fund Act This chapter may be cited as the Texas Savings and Loan Supplemental Fund Act. Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, ... (a) The purposes of this chapter are to: (1) establish a fund in this state to aid the commissioner in maintaining the solvency of associations ... In this chapter: (1) "Board" means the board of directors of the corporation. (2) "Commissioner" means the savings and loan commissioner. (3) "Corporation" means the ... (a) A security issued by the corporation under this chapter is not considered a "security" under The Securities Act (Article 581-1 et seq., Vernon's Texas ... A security of the corporation held by a member association is considered an authorized investment of a savings and loan association under state law. Acts ... (a) The Texas Savings and Loan Supplemental Fund Corporation is a nonprofit legal entity that is supervised by the commissioner. (b) A domestic association is ... (a) The board shall exercise the powers and manage the business and affairs of the corporation. (b) The board consists of: (1) the members of ... (a) The plan of operation of the corporation may authorize the board to create an executive committee consisting of three or more directors. (b) An ... (a) An elected director serves a two-year term and continues to serve until a successor has been elected and qualified. (b) Of the original board ... (a) At the first board meeting after each directors' election, the board shall elect from its membership a presiding officer. (b) The board may appoint ... (a) The office of a director becomes vacant on the death, resignation, or removal of the director. (b) A resignation must be presented to the ... The board may remove an elected director from office by a two-thirds majority vote at a meeting called for that express purpose because the director ... A director may not vote or act on a decision intended to directly and specifically affect an association in which the director has a direct ... A director may not receive compensation for serving on the board but is entitled to reimbursement for actual expenses incurred in performing duties as a ... (a) A regular meeting of the board shall be held as determined by the board. (b) A special meeting of the board may be called ... (a) A quorum of the board consists of not less than a majority of all directors, except that: (1) less than a majority of all ... (a) After the directors have been selected and taken office, the board shall submit to the commissioner a plan of operation the board finds necessary ... (a) The commissioner shall prepare and adopt a temporary plan of operation for organization of the corporation until the initial board is selected. The plan ... The corporation may, consistent with the purposes of this chapter, exercise the powers of a nonprofit corporation created under the laws of this state, including ... The corporation may not exercise a power or perform a duty under Section 273.203 or 273.205 or Subchapter E until the Office of Thrift Supervision ... In consideration for assistance provided to a member association under this chapter, the corporation shall receive: (1) an equity interest in the association; or (2) ... The board may cancel the membership of a member association that fails to purchase securities as required by Section 273.301 by the 10th banking day ... (a) A member association that surrenders its membership, becomes ineligible for membership, or has its membership canceled may present any security of the corporation it ... The following persons are not liable for an act or failure to act in the exercise of the person's powers or performance of the person's ... A member association may advertise or use for promotional purposes the fact that its assets are protected under this chapter only to the extent and ... (a) The corporation may be dissolved on: (1) approval of the commissioner; (2) unanimous approval of the board; and (3) approval of two-thirds of the ... (a) On dissolution, money in the primary account shall be used to redeem all securities issued by the corporation and held by a member association. ... (a) The corporation, acting on the direction of the board under the plan of operation, may require a member association to purchase by a certain ... The aggregate amount of securities of any type a member association may be required to purchase under Section 273.301 may not exceed an amount equal ... (a) Money from the sale of the corporation's securities constitutes the primary account of the corporation. (b) Money in the primary account may be invested ... The corporation shall establish an administrative account in which the corporation shall deposit earnings, including interest, on the investment of money in the primary account. ... (a) The corporation may spend money from the administrative account for the usual business operations of the corporation. (b) On the commissioner's request, the corporation ... The board shall determine the form and terms of, and any other matter not covered by this chapter relating to, each security issue under this ... The corporation shall allocate each security issue under Section 273.301 ratably among the member associations based on the ratio of each association's total assets on ... When the balance of the administrative account reaches the greater of $50 million or five percent of the balance of the primary account, the corporation ... On the commissioner's request and under the commissioner's instruction, the corporation shall assist in the merger, consolidation, conservation, rehabilitation, or supervision of a member association ... The corporation shall make or issue to the appropriate person, with the commissioner's approval, a guaranty or other form of written assurance that is reasonably ... (a) The corporation shall advance money on terms the board may establish to directly aid or to provide special services for a member association under ... (a) The corporation shall purchase from a member association under conservatorship an interest in the association's assets at a price agreed to by the conservator ... A merger, sale of control, or sale of any of the assets of a member association under conservatorship in aid of which money from an ... (a) Not later than April 1 of each year, the board shall submit to the commissioner an audited financial statement for the preceding calendar year, ... In regulating a savings and loan association, the commissioner may not give preferential treatment to or discriminate against that association solely because that association is ... The commissioner must spend the amount prescribed by Section 273.201(a)(7) before certifying a member association to be insolvent. Acts 1997, 75th Leg., ch. 1008, § ... The corporation is exempt from fees and taxes imposed by this state or a political subdivision of this state, except a tax imposed on real ... Last modified: August 11, 2007 |
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