The Laws of Texas, 1929-1931 [Volume 27] Page: 500 of 1,943
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54 GENERAL LAWS.
lars, regardless of the location of the association, and such
amount shall not be reduced by withdrawal or pledge for a loan
with the association, or in any other manner so long as he
remains a director of the association. Every director, who if
after his election as such ceases to be the owner in his own
right of the necessary qualifying shares, or who shall pledge or
hypothecate with such association of which he is a director, the
shares necessary to qualify him as such director, shall thereby
vacate his office. The Banking Commissioner of Texas may
remove any officer or director of any such building and loan
association for just cause specified by him and after ten (10)
days notice in writing to such person. Any officer or director so
notified of the intention of the Commissioner and feeling himself
aggrieved by such removal shall have a right to apply to
the District Court of his residence, for a writ of injunction to
restrain such removal, as in ordinary injunction cases."
SEC. 2. The fact that associations having assets of less than
Three Hundred Fifty Thousand ($350,000.00) Dollars which
are located in cities and towns having a population of one hundred
thousand (100,000) or more have found it difficult to elect
a suitable number of directors of their associations because of
the disqualifications under the present law, creates an emergency
and an imperative public necessity that the Constitutional
Rule requiring bills to be read on three separate and several
days in each House should be suspended, and that this bill be
passed on its third reading and final passage and to be in effect
from and after its passage and the said Rule is hereby suspended,
and it is so enacted.
Approved March 24, 1931.
Effective March 24, 1931.
[NOTE: H. B. No. 12 passed the House by a vote of 108 yeas,
0 nays; passed the Senate by a vote of 26 yeas, 1 nay.]
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16362/m1/500/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .