Texas Finance Code

§ 62.051 — PURPOSE OF INCORPORATION

FI § 62.051Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. B. INCORPORATION TO REORGANIZE OR MERGE

Statute text

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A person may apply to incorporate an association for the purpose of:

(1)purchasing the assets, assuming the liabilities, excluding liability to stockholders, and continuing the business of an association the commissioner considers to be in an unsafe condition; or

(2)acquiring an existing association by merger.

Legislative history

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