Sec. 62.151. COMPUTATION OF INCOME; STATEMENT OF CONDITION. (a) An association shall close its books at the times provided by its bylaws to determine the amount of its gross income for the period since the date of the last closing of its books.
(b) An association's net income for a period is computed by subtracting the association's operating expenses for the period from the association's gross income for the period.
(c) An association shall:
(1) have prepared and published a statement of the association's condition as of December 31 of each year; and
(2) file a copy of the statement with the commissioner not later than January 15 of the year following the year for which the statement is prepared.
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 D. Operations and Finances
Section 62.151. Computation of Income; Statement of Condition
Section 62.152. Minimum Net Worth Requirement
Section 62.153. Insurance of Savings Accounts
Section 62.154. Limitation on Issuance of Securities
Section 62.156. Preferred Stock
Section 62.157. Series and Classes of Preferred Stock
Section 62.158. Dividends on Capital Stock
Section 62.159. Use of Surplus Accounts and Expense Fund Contributions