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Tex. Fin. Code § 273.404

PURCHASE OF INTEREST IN ASSETS

Known as the Texas Savings and Loan Supplemental Fund Act

The act spans §§ 273–273 (44 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) The corporation shall purchase from a member association under conservatorship an interest in the association's assets at a price agreed to by the conservator and the board, regardless of whether the price exceeds the market value of the purchased assets.

(b) A purchase must be made on the terms the board determines. The commissioner must approve the terms of the purchase in writing.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.