Sec. 33.211. APPLICATION OF OTHER PROVISIONS TO LIMITED BANKING ASSOCIATIONS. For purposes of the provisions of Subtitle A and this subtitle other than this subchapter, as the context requires:
(1) a manager is considered to be a director and the board of managers is considered to be the board of directors;
(2) a participant is considered to be a shareholder;
(3) a participation share is considered to be a share; and
(4) a distribution is considered to be a dividend.
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. 35, eff. September 1, 2007.
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