Texas § 33.204 MANAGEMENT OF LIMITED BANKING ASSOCIATION.

Texas Statutes

§ 33.204 — MANAGEMENT OF LIMITED BANKING ASSOCIATION.

Texas § 33.204

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 33.204 (2026).

Text

Sec. 33.204. MANAGEMENT OF LIMITED BANKING ASSOCIATION.

(a)Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.

(b)A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103 .

(c)The certificate of formation, bylaws, and participation agreement of a limited banking association may use "director" instead of "manager" and "board" instead of "board of managers."

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Sec. 33.204. MANAGEMENT OF LIMITED BANKING ASSOCIATION. (a) Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.
(b) A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103 .
(c) The certificate of formation, bylaws, and participation agreement of a limited banking association may use "director" instead of "manager" and "board" instead of "board of managers."

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962 ), Sec. 32, eff. September 1, 2007. Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804 ), Sec. 11, eff. June 14, 2013.