Texas Agriculture Code 56.008 – Regulation by Banking Commissioner
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(a) An agricultural finance corporation is subject to the supervision and control of the banking commissioner and shall conform to the rules adopted by the banking commissioner.
(b) An agricultural finance corporation may not begin business until authorized to do so by the banking commissioner after it satisfactorily shows that it has complied with the law.
Terms Used In Texas Agriculture Code 56.008
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) An agricultural finance corporation is subject to the following requirements as if it were a state bank:
(1) it shall make reports to the banking commissioner;
(2) it shall permit periodic visitations and examinations conducted under the banking commissioner’s direction; and
(3) it shall pay fees for those examinations.
(d) The banking commissioner may take charge of and liquidate an agricultural finance corporation for causes prescribed for similar actions against a state bank.