Texas Finance Code 273.202 – Temporary Plan of Operation
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(a) The commissioner shall prepare and adopt a temporary plan of operation for organization of the corporation until the initial board is selected. The plan must include standards for membership in the corporation.
(b) The temporary plan remains in effect until the plan is:
(1) modified by the commissioner; or
(2) superseded by a plan of operation that is approved by the commissioner.
Terms Used In Texas Finance Code 273.202
- 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.