Texas Finance Code

§ 62.007 — DECISION ON APPLICATION TO INCORPORATE; ISSUANCE OF CERTIFICATE OF INCORPORATION

FI § 62.007Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. A. INCORPORATION IN GENERAL

Statute text

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(a)The commissioner may approve an application to incorporate only if the commissioner finds that:

(1)the prerequisites to incorporation required by this chapter are satisfied;

(2)the character, responsibility, and general fitness of each person named in the articles of incorporation command confidence and warrant belief that:

(A)the business of the association will be honestly and efficiently conducted in accordance with the intent and purpose of this subtitle; and

(B)the association will have qualified full-time management;

(3)there is a public need for the association;

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.