Sec. 182.105. BOARD DESIGNATION OF CERTIFIED SURPLUS. Periodically the board may vote to designate and record in its minutes the amount of certified surplus. Except to absorb losses in excess of undivided profits and uncertified surplus, certified surplus may not be reduced without the prior written approval of the banking commissioner.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 182 - Powers, Organization, and Financial Requirements
Subchapter B. Amendment of Certificate; Changes in Capital and Surplus
Section 182.101. Amendment or Restatement of State Trust Company Certificate of Formation
Section 182.102. Establishing Series of Shares or Participation Shares
Section 182.103. Change in Restricted Capital