§ 92.052 — ADDITIONAL REQUIREMENTS FOR CAPITAL STOCK SAVINGS BANK.

Texas § 92.052

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 92.052. ADDITIONAL REQUIREMENTS FOR CAPITAL STOCK SAVINGS BANK. (a) A capital stock savings bank's articles of incorporation must include a statement of:
(1) the aggregate number of shares of common stock that the savings bank may issue;
(2) the par value of each share or that the shares are without par value;
(3) whether the savings bank may issue preferred stock;
(4) the amount of stock that has been subscribed and will be paid for before the savings bank begins business;
(5) the name and address of each subscriber and the amount subscribed by each; and
(6) the amount of paid-in surplus with which the savings bank will begin business.
(b) Before approving the application of a capital stock savings bank, the commissioner shall require the savings bank to have an aggregate amount of capital in the form of stock and paid-in surplus the finance commission by rule specifies.
(c) The subscriptions for capital stock, less any lawful expenditures, shall be returned pro rata to the subscribers if:
(1) the application is not approved; or
(2) the savings bank does not begin business.

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 36, eff. Sept. 1, 2001.