Texas § AG.54.002 - POWERS
Full text of Texas The Texas Constitution § AG.54.002 — POWERS, with citation guidance and answers to common questions.
§ AG.54.002. POWERS
POWERS. (a) A corporation formed under this chapter may make loans to shareholders of its common stock for: (1) the production, or production and marketing, of staple agricultural products; (2) the acquisition, raising, breeding, fattening, or marketing of livestock; or (3) the purchase of capital stock of the corporation. (b) To obtain money for loans, the corporation may purchase, sell, endorse, or discount notes of the shareholders of its common stock if the notes are secured by: (1) warehouse receipts or shipping documents for the shareholder's agricultural products; (2) chattel mortgages on the livestock or crops of the shareholder; or (3) other acceptable security. (c) By endorsing a note under Subsection (b) of this section, a corporation becomes liable as a principal maker of the note. Acts 1981, 67th Leg., p. 1119, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Frequently Asked Questions About Texas § AG.54.002
What does The Texas Constitution § AG.54.002 cover?
Section AG.54.002 ("POWERS") 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.54.002?
A common citation format is "The Texas Constitution § AG.54.002" (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.54.002 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.