§ 92.153 — QUALIFICATION OF DIRECTORS.

Texas § 92.153

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 92.153. QUALIFICATION OF DIRECTORS. (a) A person is not qualified to be a director of a savings bank if the person:
(1) is less than 18 years of age;
(2) has been adjudicated bankrupt or convicted of a criminal offense involving dishonesty or breach of trust, unless the commissioner gives the person prior written approval to be a director;
(3) has a final judgment entered against the person for an amount of money that has remained unsatisfied or unsecured for more than six months after the date of the judgment's entry, unless:
(A) the commissioner gives the person prior written approval to be a director; or
(B) the judgment was satisfied of record more than one year before the election date; or
(4) is a director, officer, or employee of another savings bank, unless the commissioner gives the person prior written approval to be a director.
(b) The bylaws of a savings bank may prescribe other qualifications for a director.

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.