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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 C. ADMINISTRATION |
Sec. 62.107. VOTING RIGHTS
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(a) The bylaws of an association must specify the voting requirements, including quorum requirements, for conducting business at a meeting of the members or shareholders.
(b) A person is entitled to vote at an annual or special meeting of the association if the person:
(1) was a member or shareholder of record of the association on December 31 of the year preceding the date of the meeting or on the 20th business day preceding the date notice of the meeting was given, whichever is later; and
(2) has not ceased to be a member or shareholder of the association after the date described by Subdivision (1) and before the date of the meeting.
(c) The bylaws of an association must provide for the voting rights of the members or shareholders. The bylaws may provide for computing the number of votes that a member or shareholder is entitled to cast. The bylaws of a capital stock association may provide that only a shareholder is entitled to vote.
(d) Unless the bylaws of the association provide otherwise, on a question requiring action by the members or shareholders, each member or shareholder is entitled to cast:
(1) one vote because the person is a member or shareholder;
(2) one vote for each share or fraction of a share of the capital stock of the association the person owns; and
(3) one vote for each $100 or fraction of that amount of the withdrawal value of savings accounts the person holds.
(e) A loan or a savings account creates a single membership for voting purposes even if more than one person is obligated on the loan or has an interest in the savings account.
(f) Voting may be in person or by proxy. A proxy must be in writing, signed by the member or shareholder or the member's or shareholder's attorney-in-fact, and filed with the secretary of the association. Unless otherwise specified by the proxy, a proxy continues until:
(1) a written revocation is delivered to the secretary; or
(2) the proxy is superseded by a subsequent proxy.