Texas Finance Code
§ 33.003 — HEARING AND DECISION ON ACQUISITION OF CONTROL
FI § 33.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 33. OWNERSHIP AND MANAGEMENT OF STATE BANK · 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 the hearing and one or more prehearing conferences and opportunities for discovery as the banking commissioner considers advisable and consistent with governing law. 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, restrain trade, result in a monopoly, or further a combination or conspiracy to monopolize or attempt to monopolize the banking industry in any part of this state, unless:
(A)the anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served; and
(B)the proposed acquisition does not violate the law of this state or the United States;
(2)the financial condition of the proposed transferee, or any member of a group comprising the proposed transferee, might jeopardize the financial stability of the bank being acquired;
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.