Tex. Finance Code § 273.301
This is the official text of Tex. Finance Code § 273.301, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 273.301. REQUIRED PURCHASE OF SECURITIES.
Official statutory text
(a) The corporation, acting on the direction of the board under the plan of operation, may require a member association to purchase by a certain date preferred stock, a certificate of participation, or another type of security issued by the corporation that accrues interest or pays a dividend at a specified rate or a variable rate determined by a specific method of computation.
(b) The commissioner may defer in whole or in part a purchase required by Subsection (a) if the commissioner believes the purchase would endanger the ability of the member association to maintain its solvency.
(b) The commissioner may defer in whole or in part a purchase required by Subsection (a) if the commissioner believes the purchase would endanger the ability of the member association to maintain its solvency.
Status: in_force · Read it on the official government site
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