Sec. 62.156. PREFERRED STOCK. (a) An association may not issue preferred stock before the preferred stock is fully paid for in cash. (b) An association may not make a loan against the shares of its outstanding preferred stock. (c) An association may retire or redeem preferred stock in the manner provided by: (1) the articles of incorporation; or (2) a resolution of the board establishing the rights and preferences relating to the stock.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.