Section 92.209 - Preferred Stock(a) A savings bank may not issue preferred stock before the preferred stock is fully paid for in cash.(b) A savings bank may not make a loan against the shares of its outstanding preferred stock.(c) A savings bank may retire or redeem preferred stock in the manner provided by:(1) the articles of incorporation; or(2) a resolution of the board of the savings bank establishing the rights and preferences relating to the stock.(d) The extent to which preferred stock may be included as regulatory capital of a savings bank is subject to the rules adopted by the finance commission.Amended by Acts 2001, 77th Leg., ch. 867, Sec. 46, eff. 9/1/2001. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.