80th Texas Legislature, Regular Session, House Bill 2754, Chapter 735 Page: 1 of 25
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Chapter 735
H.B. No. 2754
1 AN ACT
2 relating to the regulation of state banks and state trust
3 companies.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 SECTION 1. Section 32.002(a), Finance Code, is amended to
6 read as follows:
7 (a) The articles of association of a state bank must be
8 signed and acknowledged by each organizer and must contain:
9 (1) the name of the bank, subject to Subsection (b) ;
10 (2) the period of the bank's duration, which may be
11 perpetual, subject to Subsection (c);
12 (3) the powers of the bank, which may be stated as:
13 (A) all powers granted by law to a state bank; or
14 (B) a list of the specific powers under Section
15 32.001 that the bank chooses to exercise;
16 (4) the aggregate number of shares or participation
17 shares that the bank will be authorized to issue and the number of
18 classes of shares or participation shares, which may be one or more;
19 (5) if the shares or participation shares are to be
20 divided into classes:
21 (A) the designation of each class and statement
22 of the preferences, limitations, and relative rights of the shares
23 or participation shares of each class, which in the case of a
24 limited banking association may be more fully set forth in the
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Texas. Legislature. House of Representatives. 80th Texas Legislature, Regular Session, House Bill 2754, Chapter 735, legislative document, 2007-05/2007-06; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth155105/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.