Texas Finance Code 273.101 – Creation of and Membership in Corporation
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(a) The Texas Savings and Loan Supplemental Fund Corporation is a nonprofit legal entity that is supervised by the commissioner.
(b) A domestic association is eligible to be a member of the corporation if the association:
(1) is insured by the Federal Deposit Insurance Corporation; and
(2) meets the membership standards adopted by the board and approved by the commissioner as part of the Texas Savings and Loan Supplemental Fund Corporation’s plan of operation.
Terms Used In Texas Finance Code 273.101
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC