LIMITATIONS ON INVESTMENT IN EQUITY SECURITIES
Known as the Texas Savings Bank Act
The act spans §§ 91–119 (255 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
(a) A savings bank or a subsidiary may not invest in an equity security unless the security qualifies as an investment grade security under rules adopted by the finance commission.
(b) A savings bank may not invest in an equity security unless the security is an eligible investment for a federal savings and loan association.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.