Journal of the Senate of Texas being the Third Called Session of the Forty-Second Legislature Page: 71
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SENATE JOURNAL. '11
"Any building and loan associa-
tion heretofore or hereafter organ-
ized under the laws of this State
shall have the power in any special
meeting called for that purpose, to
reorganize the association and pro-
vide for the transaction of its fu-
ture business under the provisions
of this Act by a vote of two-thirds
of the shares of the members of
the association who vote at such
meeting; and no such meeting shall
be called for such purpose nor shall
such plan be submitted to the share-
holders unless and until the plan
shall have first been approved and
adopted by a majority of the di-
rectors of such association, called
for the purpose of considering the
adoption of such plan, notice of
such meeting shall be given by mail-
ing such notice from the home office
of such association to each share-
holder at least fifteen days prior
to the date of such meeting in a
sealed envelope, postage paid, ad-
dressed to the shareholder at the
last known address, and such meet-
ing shall be otherwise provided for
and conducted as shall be provided
in such plan; provided, however,
that shareholders may vote in per-
son, by proxy or by mail and that
all votes shall be cast by ballot and
the Banking Commissioner or any
examiner, deputy, assistant deputy
or clerk so designated by said Bank-
ing Commissioner, shall supervise
and direct the method and procedure
of said meeting and appoint ade-
quate inspectors to conduct the vot-
ing of such meeting, who shall have
power to determine all questions of
the verification of the ballots, the
ascertainment of the validity there-
of, the qualification of the voter and
the canvass of the vote and to
certify to the Banking Commis-
sioner and to the Association the
result thereof and with respect there-
to shall act under such rules and
regulations as shall be prescribed by
the Banking Commissioner; that all
necessary expenses incurred by the
Banking Commissioner shall be paid
by the Association as certified to by
him."
Committee Room,
Austin, Texas, Sept. 7, 1932.
Hon. Edgar E. Witt, President of the
Senate.
Sir: We, your Committee on Bank-
ing, to whom was referredS. B. No. 8, A bill to be entitled
"An Act authorizing and empower-
ing building and loan associations,,
savings and loan associations, co-
operative banks, homestead asso-
ciations, insurance companies, and
savings banks, organized or incor-
porated under the laws of the State
of Texas, to subscribe for, and invest
their funds in the stock of the
Federal Home Loan Bank, of which
it may be eligible to become a mem-
ber, in compliance with the pro-
visions of the Act of Congress known
and cited as the Federal Home Loan
Bank Act; and declaring an emer-
gency."
Have had the same under con-
sideration, and I am instructed to
report it back to the Senate with
the recommendation that it do pass
with committee amendment, and be
printed in the Journal.
RUSSEK, Chairman.
Committee Amendment.
Amend S. B. No. 8, by adding
after the words ". . . insurance com-
pany," in Section 1, line three there-
of the words "Fraternal Benefit
Associations and Societies."By Greer.
S. B. No. 8.
A BILL
To Be Entitled
An Act authorizing and empowering
Building and Loan Associations,
Savings and Loan Associations,
Cooperative Banks, Homestead
Associations, Insurance C o m-
panies, and Savings Banks, organ-
ized or incorporated under the
laws of the State of Texas, to
subscribe for, and invest their
funds in the stock of the Federal
Home Loan Bank, of which it may
be eligible to become a member,
in compliance with the provisions
of the Act of Congress known and
cited as the "Federal Home Loan
Bank Act; " and declaring an
emergency.
Be it enacted by the Legislature of
the State of Texas:
Section 1. That any building and
loan association, savings and loan
association, cooperative bank, home-
stead association, insurance com-
pany, fraternal benefit association
and societies or savings bank, now
organized or hereafter to be organ-
ized, which is eligible to become a
member of a Federal Home Loan71
SENATE JOURNAL.
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Texas. Legislature. Senate. Journal of the Senate of Texas being the Third Called Session of the Forty-Second Legislature, legislative document, 1932; (https://texashistory.unt.edu/ark:/67531/metapth142181/m1/77/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.