Texas Finance Code
§ 183.003 — HEARING AND DECISION ON ACQUISITION OF CONTROL
FI § 183.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 183. OWNERSHIP AND MANAGEMENT OF STATE TRUST COMPANY · Art. A. TRANSFER OF OWNERSHIP INTEREST
Statute text
View on source(a)Not later than the 60th day after the date the notice is published, the banking commissioner shall approve the application or set the application for hearing. If the banking commissioner sets a hearing, the department shall participate as the opposing party and the banking commissioner shall conduct a hearing and one or more prehearing conferences and opportunities for discovery as the banking commissioner considers advisable and consistent with governing statutes and rules. A hearing held under this section is confidential and closed to the public.
(b)Based on the record, the banking commissioner may issue an order denying an application if:
(1)the acquisition would substantially lessen competition, be in restraint of trade, result in a monopoly, or be in furtherance of a combination or conspiracy to monopolize or attempt to monopolize the trust industry in any part of this state, unless:
(A)the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of acquisition in meeting the convenience and needs of the community to be served; and
(B)the acquisition is not in violation of the law of this state or the United States;
(2)the financial condition of the transferee, or any member of a group comprising the transferee, might jeopardize the financial stability of the state trust company being acquired;
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Legislative history
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.