{"data":{"id":"us-tx/tex.-finance-code-33.204","jurisdiction":"us-tx","citation":"Tex. Finance Code § 33.204","heading":"MANAGEMENT OF LIMITED BANKING ASSOCIATION.","body":"(a) Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.\n(b) A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103.\n(c) The certificate of formation, bylaws, and participation agreement of a limited banking association may use \"director\" instead of \"manager\" and \"board\" instead of \"board of managers.\"\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.\nAmended by:\nActs 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 32, eff. September 1, 2007.\nActs 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 11, eff. June 14, 2013.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE A. BANKS","CHAPTER 33. OWNERSHIP AND MANAGEMENT OF STATE BANK","SUBCHAPTER C. LIMITED BANKING ASSOCIATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.33.htm#33.204","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"fe827e8ec5fc9d270729912baa307109dcbcc32530592ae8410a08cb2d44ec61","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-33.201","next":"us-tx/tex.-finance-code-33.206"},"notice":"GroundRules: Original legal text. Not legal advice."}