Texas Agriculture Code 56.003 – Assets Represented by Acceptances of Banking Corporations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Agriculture Code 56.003
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
At any time, the total assets of an agricultural finance corporation that are represented by acceptances of banking corporations not secured by or representing ready marketable, staple, nonperishable agricultural products may not exceed an amount equal to 10 percent of the unimpaired capital of the corporation.