Sec. 62.156. PREFERRED STOCK. (a) An association may not issue preferred stock before the preferred stock is fully paid for in cash.
(b) An association may not make a loan against the shares of its outstanding preferred stock.
(c) An association may retire or redeem preferred stock in the manner provided by:
(1) the articles of incorporation; or
(2) a resolution of the board establishing the rights and preferences relating to the stock.
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