reglab/housing_qa huggingface dataset:
TX Fin Code § 62.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter C. Administration|Section 62.105. Indemnity Bonds of Directors, Officers, and Employees

Sec. 62.105.  INDEMNITY BONDS OF DIRECTORS, OFFICERS, AND EMPLOYEES.  (a)  An association shall maintain a blanket indemnity bond with an adequate corporate surety protecting the association from loss by or through dishonest or criminal action or omission, including fraud, theft, robbery, or burglary, by an officer or employee of the association or a director of the association when the director performs the duties of an officer or employee.(b)  An association that employs a collection agent who is not covered by the bond required by Subsection (a) shall provide for the bonding of the agent in an amount equal to at least twice the average monthly collection of the agent unless the agent is an institution insured by the Federal Deposit Insurance Corporation.  An association shall require a collection agent to settle with the association at least monthly.(c)  The board and the commissioner must approve:(1)  the amount and form of the bond;  and(2)  the sufficiency of the surety.(d)  The bond must provide that a cancellation by the surety or the insured is not effective until the earlier of:(1)  the date the commissioner approves for the cancellation;  or(2)  the 31st day after the date written notice of the cancellation is given to the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 3, eff. September 1, 2013.|
TX Fin Code § 62.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter C. Administration|Section 62.106. Meetings of Members and Shareholders

Sec. 62.106.  MEETINGS OF MEMBERS AND SHAREHOLDERS.  (a)  The annual meeting of the members or shareholders of an association shall be held at the time set by the bylaws of the association.(b)  A special meeting may be called as provided by the bylaws of the association.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter C. Administration|Section 62.107. Voting Rights

Sec. 62.107.  VOTING RIGHTS.  (a)  The bylaws of an association must specify the voting requirements, including quorum requirements, for conducting business at a meeting of the members or shareholders.(b)  A person is entitled to vote at an annual or special meeting of the association if the person:(1)  was a member or shareholder of record of the association on December 31 of the year preceding the date of the meeting or on the 20th business day preceding the date notice of the meeting was given, whichever is later;  and(2)  has not ceased to be a member or shareholder of the association after the date described by Subdivision (1) and before the date of the meeting.(c)  The bylaws of an association must provide for the voting rights of the members or shareholders.  The bylaws may provide for computing the number of votes that a member or shareholder is entitled to cast.  The bylaws of a capital stock association may provide that only a shareholder is entitled to vote.(d)  Unless the bylaws of the association provide otherwise, on a question requiring action by the members or shareholders, each member or shareholder is entitled to cast:(1)  one vote because the person is a member or shareholder;(2)  one vote for each share or fraction of a share of the capital stock of the association the person owns;  and(3)  one vote for each $100 or fraction of that amount of the withdrawal value of savings accounts the person holds.(e)  A loan or a savings account creates a single membership for voting purposes even if more than one person is obligated on the loan or has an interest in the savings account.(f)  Voting may be in person or by proxy.  A proxy must be in writing, signed by the member or shareholder or the member's or shareholder's attorney-in-fact, and filed with the secretary of the association.  Unless otherwise specified by the proxy, a proxy continues until:(1)  a written revocation is delivered to the secretary;  or(2)  the proxy is superseded by a subsequent proxy.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.151 (2021)
2021 Texas Statutes|Finance Code|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

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.|
TX Fin Code § 62.152 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.152. Minimum Net Worth Requirement

Sec. 62.152.  MINIMUM NET WORTH REQUIREMENT.  An association shall meet minimum net worth requirements prescribed by rule of the finance commission.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 25, eff. Sept. 1, 2001.|
TX Fin Code § 62.153 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.153. Insurance of Savings Accounts

Sec. 62.153.  INSURANCE OF SAVINGS ACCOUNTS.  (a)  An association may obtain insurance for its savings accounts from the Federal Deposit Insurance Corporation.(b)  Only if the account is insured by the Federal Deposit Insurance Corporation may a person advertise, represent, or offer to accept a savings account in this state as:(1)  an insured or guaranteed account;  or(2)  the savings account of an insured or guaranteed institution.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.154 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.154. Limitation on Issuance of Securities

Sec. 62.154.  LIMITATION ON ISSUANCE OF SECURITIES.  An association may issue a form of stock, share, account, or investment certificate only as authorized by this subtitle.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.155 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.155. Common Stock

Sec. 62.155.  COMMON STOCK.  (a)  An association may not issue common stock before the common stock is fully paid for in cash.(b)  An association may not make a loan against the shares of its outstanding common stock.(c)  An association may not directly or indirectly purchase its own issued common stock.(d)  An association may not retire or redeem common stock until:(1)  all liabilities of the association are satisfied, including all amounts due to holders of savings accounts, unless:(A)  the savings accounts are insured by an agency of the United States or written permission is obtained from the commissioner;  and(B)  the retirement or redemption is authorized by a majority vote of the association's stockholders at an annual meeting or a special meeting called for that purpose;(2)  the basis of the retirement or redemption is approved by the commissioner;  and(3)  if an association's accounts are insured, the association files written consent from the insuring agency with the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.156 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.156. Preferred Stock

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.|
TX Fin Code § 62.157 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.157. Series and Classes of Preferred Stock

Sec. 62.157.  SERIES AND CLASSES OF PREFERRED STOCK.  (a)  The articles of incorporation may:(1)  authorize that shares of preferred stock be divided into and issued in series;  and(2)  determine the rights and preferences of each series or part of a series.(b)  Each series must be clearly designated to distinguish its shares from the shares of other series or classes.(c)  The articles of incorporation may authorize the board by resolution to divide classes of preferred stock into series and to determine the rights and preferences of the shares of each series.  A copy of the resolution must be submitted to the commissioner before the shares may be issued.  The commissioner shall file the resolution in the commissioner's office if the resolution conforms to this subtitle.  After the resolution is filed, it is considered an amendment of the association's articles of incorporation.(d)  All shares of the same class of preferred stock must be identical except for the following rights and preferences:(1)  the rate of dividend;(2)  the terms, including price and conditions, under which shares may be redeemed;(3)  the amount payable for shares on involuntary liquidation;(4)  the amount payable for shares on voluntary liquidation;(5)  a sinking fund provision for the redemption or purchase of shares;(6)  the terms, including conditions, of conversion of shares that may be converted;  and(7)  voting rights.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.158 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.158. Dividends on Capital Stock

Sec. 62.158.  DIVIDENDS ON CAPITAL STOCK.  The board of a capital stock association may declare and pay a dividend out of current or retained income, in cash or additional stock, to the holders of record of the stock outstanding on the date the dividend is declared.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.159 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.159. Use of Surplus Accounts and Expense Fund Contributions

Sec. 62.159.  USE OF SURPLUS ACCOUNTS AND EXPENSE FUND CONTRIBUTIONS.  (a)  At an association's closing date, the association may use all or part of a surplus account, whether earned or paid-in, or expense fund contributions on its books to:(1)  meet expenses of operating the association for the period just closed;(2)  make required transfers to loss reserves;  or(3)  pay or credit dividends declared on savings accounts.(b)  Paid-in surplus may be used instead of earnings to pay organizational and operating expenses and dividends on savings accounts and to meet any loss reserve requirements.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.160 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter D. Operations and Finances|Section 62.160. Use of Expense Fund Contributions

Sec. 62.160.  USE OF EXPENSE FUND CONTRIBUTIONS.  (a)  The expense of organizing the association, the association's operating expenses, and the dividends declared and paid or credited to the association's savings account holders may be paid out of the expense fund until the association's earnings are sufficient to pay those amounts.(b)  The amounts contributed to the expense fund are not a liability of the association except as provided by this subchapter.(c)  The association shall pay to the contributor dividends on the amount contributed.  An amount contributed to the expense fund is considered a savings account of the association.(d)  Contributions to the expense fund may be repaid the contributors pro rata from the net earnings of the association after provision for required loss reserve allocations and payment or credit of dividends declared on savings accounts.(e)  If the association is liquidated before contributions to the expense fund are repaid, contributions to the expense fund that remain unspent after the payment of expenses of liquidation, creditors, and the withdrawal value of savings accounts shall be repaid the contributors pro rata.(f)  The association's books must reflect the expense fund.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.201. Conditions for Conversion

Sec. 62.201.  CONDITIONS FOR CONVERSION.  (a)  The finance commission by rule shall establish the conditions under which an association may convert to a federal association under Section 5, Home Owners' Loan Act (12 U.S.C. Section 1464), and its subsequent amendments.(b)  The conditions must ensure that the conversion will not cause undue harm to the public interest or another existing association.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.202. Application to Convert

Sec. 62.202.  APPLICATION TO CONVERT.  (a)  An association may convert to a federal association if a resolution favoring the conversion is adopted by a majority vote of the members or shareholders of the association who are entitled to vote at an annual meeting or a special meeting called to consider the conversion.(b)  The application to convert must:(1)  be filed in the office of the commissioner not later than the 10th day after the date of the meeting;  and(2)  include a copy of the minutes of the meeting, sworn to by the secretary or an assistant secretary.(c)  The copy of the minutes filed under Subsection (b) is presumptive evidence that the meeting was held and the resolution was adopted.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.203. Review by Commissioner; Approval

Sec. 62.203.  REVIEW BY COMMISSIONER;  APPROVAL.  Not later than the 10th day after the date an application to convert is received, the commissioner shall:(1)  consent in writing to the conversion;  or(2)  set a hearing on whether the conversion complies with rules adopted under Section 62.201.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.204 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.204. Hearing on Application

Sec. 62.204.  HEARING ON APPLICATION.  (a)  A hearing set under Section 62.203(2) shall be held not later than the 25th day after the date the application is filed unless a later date is agreed to by the applicant and the commissioner.(b)  The commissioner or a hearing officer designated by the commissioner shall conduct the hearing.(c)  The hearing shall be conducted as a contested case as provided by Chapter 2001, Government Code, except that:(1)  a proposal for decision may not be made;  and(2)  the commissioner shall render a final decision or order not later than the 15th day after the date the hearing is closed.(d)  The provisions of Chapter 2001, Government Code, relating to motion for rehearing and judicial review are available to the applicant if the commissioner refuses to approve the conversion.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.205 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.205. Consummation of Conversion

Sec. 62.205.  CONSUMMATION OF CONVERSION.  Within three months after the date the commissioner consents to the conversion of an association, the association shall take the action necessary under federal law to convert the association to a federal association.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.206 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.206. Filing of Charter or Certificate

Sec. 62.206.  FILING OF CHARTER OR CERTIFICATE.  (a)  The converted association shall file with the commissioner:(1)  a copy of the charter issued to the federal association by the Office of the Comptroller of the Currency; or(2)  a certificate showing the organization of the association as a federal association, certified by the secretary or assistant secretary of the Office of the Comptroller of the Currency.(b)  Failure to file a required instrument with the commissioner does not affect the validity of the conversion.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 4, eff. September 1, 2013.|
TX Fin Code § 62.207 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.207. Effect of Issuance of Charter

Sec. 62.207.  EFFECT OF ISSUANCE OF CHARTER.  On the issuance of a charter by the Office of the Comptroller of the Currency, the association:(1)  ceases to be an association incorporated under this subtitle; and(2)  is no longer subject to the supervision and control of the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 5, eff. September 1, 2013.|
TX Fin Code § 62.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.208. Continuation of Corporate Existence

Sec. 62.208.  CONTINUATION OF CORPORATE EXISTENCE.  After an association is converted to a federal association:(1)  the corporate existence of the association continues;  and(2)  the federal association is considered to be a continuation of the association that was converted.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.209 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter E. Conversion to Federal Association|Section 62.209. Property and Obligations of Converted Association

Sec. 62.209.  PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION.  (a)  The property of an association converted to a federal association immediately by operation of law vests in the federal association.(b)  The federal association:(1)  holds the property in its own right to the extent it was held by the association that was converted;  and(2)  succeeds to the obligations and relations of the association that was converted on the date the conversion takes effect.(c)  A pending judicial proceeding to which the association that was converted is a party is not abated or discontinued by reason of the conversion and may be prosecuted to final judgment, order, or decree as if the conversion had not occurred.(d)  The federal association may continue a judicial proceeding in its own corporate name.  A judgment, order, or decree that might have been rendered for or against the association that was converted may be rendered for or against the federal association.(e)  In this section, "property" includes the right, title, and interest in and to property, including things in action, and each right, privilege, interest, and asset that exists or inures.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 62.251 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle B - Savings and Loan Associations|Chapter 62 - Organizational and Financial Requirements|Subchapter F. Conversion of Federal Association or State or National Bank to State Association|Section 62.251. Application to Convert

Sec. 62.251.  APPLICATION TO CONVERT.  (a)  A federal association or state or national bank may convert to an association if the conversion is approved by a majority vote of the members or shareholders of the federal association or state or national bank cast at an annual meeting or a special meeting called to consider the conversion.(b)  The application to convert must:(1)  be filed in the office of the commissioner and with the appropriate banking agency not later than the 10th day after the date of the meeting; and(2)  include a copy of the minutes of the meeting, sworn to by the secretary or an assistant secretary.(c)  The copy of the minutes filed under Subsection (b) is presumptive evidence that the meeting was held and the conversion was approved.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 6, eff. September 1, 2013.|