Sec. 33.210. DISTRIBUTIONS. Subject to Section 32.103, distributions of cash or other assets of a limited banking association may be made to the participants as provided by the participation agreement. Without the prior written approval of the banking commissioner to use a different distribution method, distributions must be made to the participants according to the relative interests of the participants as reflected in the certificate of formation and related documents filed with and approved by the banking commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 13, 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