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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 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
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Subchapter A. INCORPORATION IN GENERAL |
Sec. 62.002. ADDITIONAL INCORPORATION REQUIREMENTS FOR CAPITAL STOCK ASSOCIATION
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(a) A capital stock association's articles of incorporation must include a statement of:
(1) the aggregate number of shares of common stock that the association may issue;
(2) the par value of each share or that the shares are without par value;
(3) whether the association may issue preferred stock;
(4) the amount of stock that has been subscribed and will be paid for before the association 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 association will begin business.
(b) Before approving the application of a capital stock association, the commissioner may require the association to have an aggregate amount of capital in the form of stock and paid-in surplus that the finance commission by rule specifies.
(c) The subscriptions for capital stock and paid-in surplus, less lawful expenditures, shall be returned pro rata to the subscribers if:
(1) the application is not approved; or
(2) the association does not begin business.