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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A person is not qualified to be a director of a savings bank if the person:
(1) is less than 18 years of age;
(2) has been adjudicated bankrupt or convicted of a criminal offense involving dishonesty or breach of trust, unless the commissioner gives the person prior written approval to be a director;
(3) has a final judgment entered against the person for an amount of money that has remained unsatisfied or unsecured for more than six months after the date of the judgment's entry, unless:
(A) the commissioner gives the person prior written approval to be a director; or
(B) the judgment was satisfied of record more than one year before the election date; or
(4) is a director, officer, or employee of another savings bank, unless the commissioner gives the person prior written approval to be a director.
(b) The bylaws of a savings bank may prescribe other qualifications for a director.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 92.153. Qualification of Directors - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-92-153/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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