Tex. Fin. Code Section 273.204
Conditions Under Which Corporation May Exercise Powers and Duties

The corporation may not exercise a power or perform a duty under Section 273.203 (Powers of Corporation) or 273.205 (Consideration for Assistance) or Subchapter E until the Office of Thrift Supervision and the Federal Deposit Insurance Corporation have:

(1)

officially recognized that the corporation in exercising that power or performing that duty will reduce and minimize the liability of the Federal Deposit Insurance Corporation; and

(2)

taken any necessary action to permit member associations to use without restraint all of the operational power the member associations have under the laws of this state, including rules of the Finance Commission of Texas.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 95, eff. Sept. 1, 2001.

Source: Section 273.204 — Conditions Under Which Corporation May Exercise Powers and Duties, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­273.­htm#273.­204 (accessed Jun. 5, 2024).

273.001
Short Title 273.002
Purposes 273.003
Definitions 273.004
Exemption from Securities Act 273.005
Security of Corporation Considered Authorized Investment of Savings and Loan Association 273.101
Creation of and Membership in Corporation 273.102
Board of Directors 273.103
Executive Committee 273.104
Term 273.105
Board Officers and Personnel 273.106
Vacancy 273.107
Removal of Board Member 273.108
Conflict of Interest 273.109
Compensation 273.110
Meetings 273.111
Quorum 273.201
Plan of Operation 273.202
Temporary Plan of Operation 273.203
Powers of Corporation 273.204
Conditions Under Which Corporation May Exercise Powers and Duties 273.205
Consideration for Assistance 273.206
Cancellation of Membership 273.207
Redemption of Securities 273.208
Immunity from Liability 273.209
Limitation on Advertisement and Promotion 273.210
Dissolution 273.211
Effect of Dissolution 273.301
Required Purchase of Securities 273.302
Amount of Security Purchase 273.303
Primary Account 273.304
Administrative Account 273.305
Authorized Expenditures 273.306
Form and Terms of Security Issue 273.307
Allocation of Security Issue 273.308
Limitation on Issuance of Securities 273.401
General Assistance 273.402
Assistance in Transferring or Disposing of Property 273.403
Advance of Money 273.404
Purchase of Interest in Assets 273.405
Procedure for Merger, Sale of Control Of, or Sale of Assets 273.501
Annual Financial Statement 273.502
Effect of Membership 273.503
Amount to Be Spent Before Certification of Insolvency of Member Association 273.504
Fee and Tax Exemption
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 273.204’s source at texas​.gov