The Laws of Texas, 1931-1933 [Volume 28] Page: 263 of 2,111
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FORTY-SECOND LEGISLATURE-THIRD CALLED SESSION. 35
record or inspection, except that for good reason same may be
made public by the Commissioner, but copies thereof may, upon
request of the Association, be furnished to the Federal Home
Loan Bank Board and/or to the Federal Home Lean Bank for
the purpose of meeting the requirements of the Federal Home
Loan Bank Act. Nothing herein shall prevent the proper exchange
of information relating to building and loan associations
and the business thereof with the representatives of building
and loan departmentt: of other states, but in no case shall the
private business or affairs of any individual association or company
be disclosed. Any official violating any provision of this
Section, in addition to the penalties herein provided, shall be
liable, with his bondsmen, to the person or corporation injured
by the disclosure of such secrets."
SECTION 2. That Section 21-a shall be added to said Senate
Bill 111, known as Chapter 61, page 100 of the Session Acts of
the Second and Third Called Sessions of the 41st Legislature,
and said Section 21-a shall read as follows:
"Sec. 21-a. REORGANIZATION. Any building and loan
association heretofore or hereafter organized under the laws of
this State shall have the power in any special meeting called for
that purpose, to reorganize the association and provide for the
transaction of its future 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 shareholders unless and until the plan shall have first been
approved and adopted by a majority of the directors of such
association, called for the purpose of considering the adoption
of such plan, notice of such meeting shall be given by mailing
such notice from the home office of such association to each
shareholder at least thirty days prior to the date of such meeting
in a sealed envelope, postage paid, addressed to the shareholder
at the last known address, and such meeting shall be
otherwise provided for and conducted as shall be provided in such
plan; in addition to sending out notice as provided for by mail in
this Section to the shareholders of such association, notice of the
proposed re-organization shall be advertised for four weeks
consecutively at least once a week in a newspaper published
and circulated in the municipality in which the association is
located, which advertisement shall be signed by the Secretary
of the association and shall state the time and place and the
purpose for which such meeting is called; provided, however
that shareholders may vote in person, 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 Banking Commissioner, shall supervise and
direct the method and procedure of said meeting and appoint
adequate inspectors to conduct the voting of such meeting, who
shall have power to determine all questions of the verification
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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/m1/263/: accessed May 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .