The Laws of Texas, 1931-1933 [Volume 28] Page: 262 of 2,111
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34 GENERAL AND SPECIAL LAWS.
DEFINING AND REGULATING BUILDING AND LOAN
ASSOCIATIONS AND PERMITTING INVESTMENT
IN FEDERAL LOAN AGENCIES.
S. B. No. 9.] CHAPTER 18.
An Act to amend Sections 20, 27, 38, 44. 47, and 48 and to add a new
section thereto, to be known as Section 21-a, of an Act entitled "An
Act defining building and Loan Associations, providing for their incorporation
and prescribing the terms, conditions and regulations upon
which such companies may carry on their business in Texas; providing
that shareholders shall not be disqualified to take acknowledgments;
validating such previous acknowledgments by shareholders;
prescribing the terms and conditions upon which foreign building and
loan associations may carry on their business in Texas. prescribing
penalties for violation of the provisions of the Act, repealing acts and
parts of acts in conflict herewith, and declaring an emergency" enacted
by the Second Called Session of the 41st Legislature of the
State of Texas, and being Senate Bill 111, Chapter 61, and published
at length in the General Laws of the Second and Third Called Sessions
of the 41st Legislature at pages 100 to 129; providing for keeping
secret facts regarding building and loan associations by certain officers
and employes; providing that certain information may be given to the
Federal Home Loan Bank Board; providing for the reorganization of
building and loan associations; providing certain restrictions on building
and loan associations taking, hold ng and conveying real estate;
providing for the investment of the funds of building and loan associations;
prescribing the power of associations to borrow money; provid
ng for the withdrawal of funds by investing stockholders in building,
and loan associations; defining the withdrawal value of shares of
stock in building and loan associations; authorizing domestic building
and loan associations to become members of a Federal Home Loan
Bank; providing for domestic building and loan associations to receive
the benefits of the Federal Home Loan Bank Act; providing for rule of
construction; and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Section 20 of Senate Bill 111, passed at the
Second Called Session of the 41st Legislature, known as Chapter
61, page 100 of the Session Acts of the Second and Third
Sessions of the 41st Legislature, be and the same is hereby
amended so as to hereafter read as follows:
"Sec. 20 DISCLOSURES OF EXAMINERS-PENALTY.
The Banking Commissioner and any examiner, inspector, deputy,
assistant or clerk, appointed or acting under the provisions of
this Act, failing to keep secret any facts or information regarding
an association obtained in the course of an examination or
by reason of his official position, except when the public duty
of such officer required him to report upon or take official action
regarding the affairs of the association so examined, or
who wilfully makes a false official report as to the condition of
such association, x!lall be removed from his position or office
and shall be fined not more than five hundred dollars, or imprisoned
in the county jail for not more than one year, or both.
Reports of examinations made to the Banking Commissioner
of Texas shall be regarded as confidential and not for public
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1931-1933 [Volume 28], book, 1933; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17293/m1/262/: accessed May 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .