Texas Finance Code

§ 62.052 — INCORPORATION REQUIREMENTS

FI § 62.052Title 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)An application to incorporate an association under this subchapter must be submitted to the commissioner.

(b)The application must include information required by rule of the finance commission.

(c)The association must have capital in an amount set by the commissioner that is sufficient to carry out the purposes for which incorporation is requested.

(d)If the commissioner considers the association to be reorganized or merged to be in an unsafe condition:

(1)Chapter 2001, Government Code, does not apply to the application; and

(2)the application and all information relating to the application are confidential and not subject to public disclosure.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 24, eff. Sept. 1, 2001.