Section 33.204 - Management of Limited Banking Association(a) Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.(b) A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103.(c) The certificate of formation, bylaws, and participation agreement of a limited banking association may use "director" instead of "manager" and "board" instead of "board of managers."Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 575,Sec. 11, eff. 6/14/2013.Amended By Acts 2007, 80th Leg., R.S., Ch. 237, Sec. 32, eff. 9/1/2007. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.