Sec. 92.602. LIABILITY OF MEMBERS AND MANAGERS. A member, transferee of a member, or manager of a limited savings bank is not liable for a debt, obligation, or liability of the limited savings bank, including a debt, obligation, or liability under a judgment, decree, or order of a court. A member or a manager of a limited savings bank is not a proper party to a proceeding by or against a limited savings bank unless the object of the proceeding is to enforce a member's or manager's right against or liability to a limited savings bank.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter M. Limited Savings Bank
Section 92.601. Application to Organize
Section 92.602. Liability of Members and Managers
Section 92.604. Managers of Limited Savings Bank
Section 92.605. Withdrawal or Reduction of Member's Contribution
Section 92.606. Company Agreement of Limited Savings Bank
Section 92.608. Allocation of Profits and Losses
Section 92.610. Amendment of Governing Documents
Section 92.611. Application of Other Provisions to Limited Savings Banks; Miscellaneous Provisions