Texas § AG.55.007 - REPURCHASE OF STOCK
Full text of Texas The Texas Constitution § AG.55.007 — REPURCHASE OF STOCK, with citation guidance and answers to common questions.
§ AG.55.007. REPURCHASE OF STOCK
REPURCHASE OF STOCK. (a) The board of directors of an association formed under this chapter may authorize the purchase of the association's capital stock at the book value conclusively determined by the board and pay cash for the stock within one year thereafter if: (1) the liabilities of the association are less than 50 percent of its assets; and (2) the directors determined that the stock may be purchased without impairment of the association's financial condition. (b) The board of directors in its discretion may retire pro rata stock held by a member or group of members whose loans have been paid in whole or part. Acts 1981, 67th Leg., p. 1122, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § AG.55.007
What does The Texas Constitution § AG.55.007 cover?
Section AG.55.007 ("REPURCHASE OF STOCK") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § AG.55.007?
A common citation format is "The Texas Constitution § AG.55.007" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § AG.55.007 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.