The Laws of Texas, 1937-1939 [Volume 31] Page: 450 of 1,313
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76 GENERAL LAWS.
CHAPTER 2.
REGULATION OF BUILDING AND.LOAN ASSOCIATIONS.
S. B. No. 13.]
An Act to amend Sections Nos. 7, 16, 22, 23, 24, 25, 28, 30, 35, 37 and
42 of.Senate Bill No. 111, passed at the Second Called Session of the
Forty-first Legislature, and known as Chapter 61, Page 100, of the
General Laws passed at said Second Called Session of the Forty-first
Legislature, and by adding four new sections to said Chapter, to be
known and numbered as Sections Nos. 10-a, 38-a, 38-b and 58-a, which
said new sections provide for joint examinations by different regulatory
authorities; providing for the furnishing of information to such regulatory
authorities; providing that until September 1, 1943 loans aggregating
ninety (90%) per cent of the appraised value of real estate
may be made where the loan is insured by the Federal Housing Administrator;
providing that ninety (90%) per cent loans secured by
pledge of shares or share accounts may be made; providing that associations
may obtain, continue and terminate the insurance of its
shares; ratifying and confirming action heretofore taken to obtain such
insurance; defining insured associations; providing that certain Federal
Savings and Loan Associations and the holders of shares or share
accounts therein shall have all the rights, powers, and privileges, and
shall be entitled to the same exemptions and immunities to which domestic
building and loan associations and shareholders therein are
entitled; and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Sections 7, 16, 22, 23, 24, 25, 28, 30, 35, 37
and 42 of Senate Bill No. 111, passed at the Second Called Session
of the Forty-first Legislature, and known as Chapter 61, Page
100, of the General Laws passed at said Second Called Session
of the Forty-first Legislature be amended and that four new
sections be added thereto to be known as Sections 10-a, 38-a,
38-b and 58-a, which said amended sections and which new sections
shall read as follows:
"Section 7, SUPERVISION AND CONTROL. The Banking
Commissioner of Texas shall have supervision over and control
of all building and loan associations doing business in this State
(except Federal Savings and Loan Associations organized under
and by virtue of the Home Owners' Loan Act of 1933, passed by
the Congress of the United States), and shall be charged with
the execution of the laws of this State relating to such associations.
All such building and loan associations shall be deemed
and are hereby declared to be instrumentalities and agencies of
the State Government and shall be charged with the duty and
responsibility to act as fiscal agents for the State when requested
to do so. The Banking Commissioner shall appoint a building
and loan supervisor who shall have had not less than two (2)
years' actual experience in the operation and management in an
executive position of a building and loan association, or who
shall have had not less than eighteen (18) months' actual experience
in the supervision of building and loan associations, or
one who has had not less than two (2) years' experience in the
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1937-1939 [Volume 31], book, 1939; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth18824/m1/450/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .