Sec. 273.111. QUORUM; VOTING. (a) A quorum of the board consists of not less than a majority of all directors, except that:
(1) less than a majority of all directors may adjourn from time to time; and
(2) a majority of directors holding office constitutes a quorum for filling a vacancy on the board.
(b) Each member association is entitled to one vote on a matter at a meeting of the member associations, including the election of directors. The vote must be cast by a delegate authorized to act by that association.
(c) A majority of the votes cast is required to elect a director or approve a question to be voted on by the directors.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses
Chapter 273 - Savings and Loan Supplemental Fund Act
Subchapter B. Organization of Corporation
Section 273.101. Creation of and Membership in Corporation
Section 273.102. Board of Directors
Section 273.103. Executive Committee
Section 273.105. Board Officers and Personnel
Section 273.107. Removal of Board Member
Section 273.108. Conflict of Interest