Texas Finance Code 273.302 – Amount of Security Purchase
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Terms Used In Texas Finance Code 273.302
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Year: means 12 consecutive months. See Texas Government Code 311.005
The aggregate amount of securities of any type a member association may be required to purchase under § 273.301 may not exceed an amount equal to two percent of the total assets of the association as shown on the association’s annual statement filed with the commissioner as required by law for the calendar year preceding the date of the required purchase.