Texas Agriculture Code

§ 56.007 — STOCK OWNERSHIP

AG § 56.007Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 56. AGRICULTURAL FINANCE CORPORATIONS

Statute text

(a)Except as otherwise provided by this section, an agricultural finance corporation or any banking corporation or trust company, except a savings bank, may hold stock of:

(1)an agricultural finance corporation; or

(2)a corporation that is chartered under the laws of the United States or a state of the United States and that is principally engaged in financing ready marketable, staple, nonperishable agricultural products.

(b)The total amount of stock held in accordance with Subsection (a) of this section may not exceed an amount equal to:

(1)10 percent of the capital and surplus of the acquiring corporation; or

(2)10 percent of the capital stock of the corporation of which the stock is to be held.

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Legislative history

Acts 1981, 67th Leg., p. 1125, ch. 388, Sec. 1, eff. Sept. 1, 1981.