Sec. 62.003. ADDITIONAL INCORPORATION REQUIREMENTS FOR MUTUAL ASSOCIATION. (a) A mutual association's articles of incorporation must include a statement of the amount of savings liability of the association and the amount of the expense fund with which the association will begin business.
(b) Before approving the articles of incorporation of a mutual association, the commissioner may require the association to have subscriptions for an aggregate amount of savings accounts and an expense fund in an aggregate amount that the commissioner, under rules of the finance commission, finds is necessary for the successful operation of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Chapter 62 - Organizational and Financial Requirements
Subchapter A. Incorporation in General
Section 62.001. Application to Incorporate
Section 62.002. Additional Incorporation Requirements for Capital Stock Association
Section 62.003. Additional Incorporation Requirements for Mutual Association
Section 62.004. Approval of Managing Officer
Section 62.005. Corporate Name
Section 62.006. Hearing on Application to Incorporate
Section 62.007. Decision on Application to Incorporate; Issuance of Certificate of Incorporation
Section 62.008. Preference for Local Control
Section 62.009. Deadline for Commencing Business
Section 62.010. Amendment of Articles of Incorporation or Bylaws