Texas Finance Code

§ 182.302 — MERGER APPLICATION; GROUNDS FOR APPROVAL

FI § 182.302Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. D. MERGER

Statute text

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(a)To apply for approval of a merger, the parties must submit the original certificate of merger, a number of copies of the certificate of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the banking commissioner. The banking commissioner may require the submission of additional information as considered necessary to an informed decision.

(b)The banking commissioner shall investigate the condition of the merging parties.

(c)The banking commissioner may approve the merger if:

(1)each resulting state trust company:

(A)has complied with the statutes and rules relating to the organization of a state trust company; and

(B)will be solvent and have adequate capitalization for its business and location;

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 24, eff. June 14, 2013.