1. (a) A capital stock association's articles of incorporation must include a statement of:

   1. (1) the aggregate number of shares of common stock that the association may issue;
   2. (2) the par value of each share or that the shares are without par value;
   3. (3) whether the association may issue preferred stock;
   4. (4) the amount of stock that has been subscribed and will be paid for before the association begins business;
   5. (5) the name and address of each subscriber and the amount subscribed by each; and
   6. (6) the amount of paid-in surplus with which the association will begin business.
2. (b) Before approving the application of a capital stock association, the commissioner may require the association to have an aggregate amount of capital in the form of stock and paid-in surplus that the finance commission by rule specifies.

3. (c) The subscriptions for capital stock and paid-in surplus, less lawful expenditures, shall be returned pro rata to the subscribers if:

   1. (1) the application is not approved; or
   2. (2) the association does not begin business.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.