Texas Finance Code

§ 62.009 — DEADLINE FOR COMMENCING BUSINESS

FI § 62.009Title 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)An association shall begin business not later than the first anniversary of the date the commissioner approves the association's application.

(b)On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).

(c)The commissioner may rescind the authority to operate of an association that does not begin business as required by this subtitle.

Legislative history

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