{"data":{"id":"us-tx/tex.-finance-code-62.156","jurisdiction":"us-tx","citation":"Tex. Finance Code § 62.156","heading":"PREFERRED STOCK.","body":"(a) An association may not issue preferred stock before the preferred stock is fully paid for in cash.\n(b) An association may not make a loan against the shares of its outstanding preferred stock.\n(c) An association may retire or redeem preferred stock in the manner provided by:\n(1) the articles of incorporation; or\n(2) a resolution of the board establishing the rights and preferences relating to the stock.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS","CHAPTER 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS","SUBCHAPTER D. OPERATIONS AND FINANCES"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.62.htm#62.156","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"b4f6bcd0c669b81e3b211f0a4f221efd7fd962738ffed9974b29b0ffd15687d4","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-62.155","next":"us-tx/tex.-finance-code-62.157"},"notice":"GroundRules: Original legal text. Not legal advice."}