Sec. 62.156.  PREFERRED STOCK.  (a)  An association may not issue preferred stock before the preferred stock is fully paid for in cash.
(b)  An association may not make a loan against the shares of its outstanding preferred stock.
(c)  An association may retire or redeem preferred stock in the manner provided by:
(1)  the articles of incorporation;  or
(2)  a resolution of the board establishing the rights and preferences relating to the stock.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.