13.303 – LOANS TO STOCKHOLDERS: REPORT. A utility may not
Texas Water Code § 13.303
Summary
This law prohibits utilities from lending money or other financial instruments to stockholders without reporting the transaction to the utility commission within 60 days. It aims to ensure transparency and accountability in financial dealings involving utility stockholders.
Utilities must report loans to stockholders within 60 days.
Applies to loans of money, stocks, bonds, and notes.
Ensures transparency in utility financial transactions.
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In simple terms: Learn about Texas's LOANS TO STOCKHOLDERS: REPORT. A utility may not law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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