Texas Finance Code Title 3, Chapter 273 - Savings And Loan Supplemental Fund Act

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 273.001 - Short Title
  This chapter may be cited as the Texas Savings and Loan Supplemental Fund Act. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1,
• Texas Section 273.002 - Purposes; Liberal Construction
  (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...
• Texas Section 273.003 - Definitions
  In this chapter: (1) "Board" means the board of directors of the corporation. (2) "Commissioner" means the savings and mortgage lending commissioner. (3) "Corporation" means...
• Texas Section 273.004 - Exemption From Securities Act
  (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...

SUBCHAPTER B ORGANIZATION OF CORPORATION

• Texas Section 273.005 - Security Of Corporation Considered Authorized Investment Of Savings And Loan Association
  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...
• Texas Section 273.101 - Creation Of And Membership In Corporation
  (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...
• Texas Section 273.102 - Board Of Directors
  (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...
• Texas Section 273.103 - Executive Committee
  (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...
• Texas Section 273.104 - Term
  (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...
• Texas Section 273.105 - Board Officers And Personnel
  (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...
• Texas Section 273.106 - Vacancy
  (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...
• Texas Section 273.107 - Removal Of Board Member
  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...
• Texas Section 273.108 - Conflict Of Interest
  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...
• Texas Section 273.109 - Compensation; Reimbursement For Expenses
  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...
• Texas Section 273.110 - Meetings
  (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...

SUBCHAPTER C OPERATION OF CORPORATION

• Texas Section 273.111 - Quorum; Voting
  (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...
• Texas Section 273.201 - Plan Of Operation; Amendment
  (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...
• Texas Section 273.202 - Temporary Plan Of Operation
  (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...
• Texas Section 273.203 - Powers Of Corporation
  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...
• Texas Section 273.204 - Conditions Under Which Corporation May Exercise Powers And Duties
  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...
• Texas Section 273.205 - Consideration For Assistance
  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)...
• Texas Section 273.206 - Cancellation Of Membership
  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...
• Texas Section 273.207 - Redemption Of Securities
  (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...
• Texas Section 273.208 - Immunity From Liability
  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...
• Texas Section 273.209 - Limitation On Advertisement And Promotion
  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...
• Texas Section 273.210 - Dissolution
  (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...

SUBCHAPTER D PRIMARY AND ADMINISTRATIVE ACCOUNTS; ISSUANCE OF SECURITIES

• Texas Section 273.211 - Effect Of Dissolution
  (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....
• Texas Section 273.301 - Required Purchase Of Securities
  (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...
• Texas Section 273.302 - Amount Of Security Purchase
  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...
• Texas Section 273.303 - Primary Account
  (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...
• Texas Section 273.304 - Administrative Account
  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....
• Texas Section 273.305 - Authorized Expenditures
  (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...
• Texas Section 273.306 - Form And Terms Of Security Issue
  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...
• Texas Section 273.307 - Allocation Of Security Issue
  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...

SUBCHAPTER E ASSISTANCE PROVIDED TO MEMBER ASSOCIATIONS UNDER CONSERVATORSHIP

• Texas Section 273.308 - Limitation On Issuance Of Securities
  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...
• Texas Section 273.401 - General Assistance
  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...
• Texas Section 273.402 - Assistance In Transferring Or Disposing Of Property
  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...
• Texas Section 273.403 - Advance Of Money
  (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...
• Texas Section 273.404 - Purchase Of Interest In Assets
  (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...

SUBCHAPTER F ADMINISTRATIVE PROVISIONS

• Texas Section 273.405 - Procedure For Merger, Sale Of Control Of, Or Sale Of Assets
  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...
• Texas Section 273.501 - Annual Financial Statement
  (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,...
• Texas Section 273.502 - Effect Of Membership
  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...
• Texas Section 273.503 - Amount To Be Spent Before Certification Of Insolvency Of Member Association
  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, Sec....
• Texas Section 273.504 - Fee And Tax Exemption
  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: September 28, 2016