Texas § FI.62.151 - COMPUTATION OF INCOME
Full text of Texas The Texas Constitution § FI.62.151 — COMPUTATION OF INCOME, with citation guidance and answers to common questions.
§ FI.62.151. COMPUTATION OF INCOME
COMPUTATION OF INCOME; STATEMENT OF CONDITION. (a) An association shall close its books at the times provided by its bylaws to determine the amount of its gross income for the period since the date of the last closing of its books. (b) An association's net income for a period is computed by subtracting the association's operating expenses for the period from the association's gross income for the period. (c) An association shall: (1) have prepared and published a statement of the association's condition as of December 31 of each year; and (2) file a copy of the statement with the commissioner not later than January 15 of the year following the year for which the statement is prepared. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.62.151
What does The Texas Constitution § FI.62.151 cover?
Section FI.62.151 ("COMPUTATION OF INCOME") 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 § FI.62.151?
A common citation format is "The Texas Constitution § FI.62.151" (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 § FI.62.151 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.