Sec. 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.
‹ 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.