Sec. 33.204. MANAGEMENT OF LIMITED BANKING ASSOCIATION. (a) Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.
(b) A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103.
(c) The certificate of formation, bylaws, and participation agreement of a limited banking association may use "director" instead of "manager" and "board" instead of "board of managers."
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 32, eff. September 1, 2007.
Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 11, eff. June 14, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 33 - Ownership and Management of State Bank
Subchapter C. Limited Banking Association
Section 33.201. Liability of Participants and Managers
Section 33.204. Management of Limited Banking Association
Section 33.206. Interest in Limited Banking Association; Transferability of Interest
Section 33.209. Allocation of Profits and Losses
Section 33.211. Application of Other Provisions to Limited Banking Associations