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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle B. SAVINGS AND LOAN ASSOCIATIONS |
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Chapter 61. GENERAL PROVISIONS |
Sec. 61.002. DEFINITIONS
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In this subtitle:
(1) "Association" means a savings and loan association subject to this subtitle.
(2) "Board" means the board of directors of an association.
(3) "Capital stock" means the units into which the proprietary interest in a capital stock association is divided.
(4) "Capital stock association" means an association authorized to issue capital stock.
(5) "Commissioner" means the savings and mortgage lending commissioner.
(6) "Company" means a corporation, partnership, trust, joint-stock company, association, unincorporated organization, or other similar entity or a combination of any of those entities acting together.
(7) "Domestic association" means a savings and loan association organized under the laws of this state.
(8) "Earnings on savings accounts" means interest contractually payable or dividends declared payable to holders of savings accounts in an association.
(9) "Federal association" means a savings and loan association incorporated under the Home Owners' Loan Act (12 U.S.C. Section 1461 et seq.).
(10) "Finance commission" means the Finance Commission of Texas.
(11) "Foreign association" means a savings and loan association:
(A) organized under the laws of:
(i) a state or territory of the United States other than this state; or
(ii) the United States; and
(B) the principal office of which is located outside this state.
(12) "Loss reserves" means the aggregate amount of the reserves allocated by an association solely to absorb losses.
(13) "Member" means, with respect to a mutual association, a person:
(A) holding a savings account with the mutual association;
(B) assuming or obligated on a loan in which the mutual association has an interest; or
(C) owning property that secures a loan in which the mutual association has an interest.
(14) "Mutual association" means an association not authorized to issue capital stock.
(15) "Savings account" means the amount of money an association owes an account holder as the result of the deposit of funds in the association.
(16) "Savings and loan association" means an association the primary purposes of which are to promote thrift and home financing and the principal activity of which is the lending of money secured by liens on homes and other improved real property.
(17) "Savings and loan holding company" means a company that directly or indirectly controls a savings and loan association or controls another company that directly or indirectly controls a savings and loan association.
(18) "Savings liability" means the aggregate amount of money shown by the books of the association to be owed to the association's account holders.
(19) "Shareholder" means the owner of capital stock.
(20) "Surplus" means the aggregate amount of:
(A) the undistributed earnings of an association held as undivided profits or unallocated reserves for general corporate purposes; and
(B) paid-in surplus held by the association.
(21) "Unsafe and unsound practice" means an action or inaction in the operation of an association that is likely to:
(A) cause insolvency or substantial dissipation of assets or earnings; or
(B) reduce the ability of the association to satisfy on time withdrawal requests of savings account holders.
(22) "Withdrawal value of a savings account" means the net amount of money that may be withdrawn by an account holder from a savings account.