The Laws of Texas, 1929-1931 [Volume 27] Page: 499 of 1,943
1 volume (multiple pagings 1,943 pages total); 25 cm.View a full description of this book.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
FORTY-SECOND LEGISLATURE-REGULAR SESSION. 53
Teas, 1 nay. House refused to concur in Senate amendments
and asked appointment of a Free Conference Committee. House
adopted Conference Committee report by a vote of 104 yeas, 15
nays; Senate adopted Conference Committee report by a vote
of 28 yeas, 0 nays.]
QUALIFICATIONS OF BUILDING AND LOAN ASSOCIATION
DIRECTORS.
H. B. No. 12.] CHAPTER 36.
An Act to amend Section 33 of Senate Bill 111, Chapter 61 of the 2nd
Called Session of the 41st Legislature, providing for the qualifications
of directors of building and loan associations; providing the amount
share holders must have paid in on their shares of stock before they
are eligible to be elected directors; providing that the minimum
amount required to be eligible shall not be withdrawn or in any manner
hypothecated; and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Section 33 of Senate Bill 111, passed at the
2nd Called Session of the 41st Legislature, known as Chapter 61,
be and the same is hereby amended so as to hereafter read as
follows:
"Section 33. Directors-Qualifications. The corporate powers
of every building and loan association heretofore organized
under the laws of this State, or which may be incorporated
under this Act, shall be exercised by a board of directors, who
shall elect the officers of the association. The By-Laws of every
building and loan association may prescribe other qualifications
for directors, but no person shall be eligible to election as a
director unless he is the owner in good faith and in his own
right on the books of the association of shares upon which at
least Two Hundred (S200.00) Dollars in cash has been paid;
and if the association be one located in a town or city having a
population of more than twenty thousand (20,000) and less than
one hundred thousand (100,000) inhabitants there must have
been at least Five Hundred ($500.00) Dollars paid in on the
shares held by him; and if the association be one located in a
town or city having a population of more than one hundred
thousand (100,000) inhabitants there must have been at least
One Thousand ($1,000.00) Dollars paid in on the shares held by
him, and such amounts 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. Provided,
however, any person who is the owner in good faith and in his
own right on the books of the association shares upon which
Two Hundred ($200.00) Dollars in cash has been paid, shall be
eligible to election as a director in an association having assets
of less than Three Hundred Fifty Thousand ($350.000.00) Dol-
Upcoming Pages
Here’s what’s next.
Search Inside
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16362/m1/499/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .