ELECTION OF DIRECTORS; EXECUTION AND ACKNOWLEDGMENT OF APPLICATION AND BYLAWS
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
(a) At the meeting under Section 62.251(a), the members or shareholders shall elect the directors of the association.
(b) The directors shall execute two copies of the application required by Section 62.251.
(c) Each director of the association shall sign and acknowledge the application as a subscriber and the proposed bylaws as an incorporator.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.