Texas Finance Code

§ 62.053 — DECISION ON APPLICATION; ISSUANCE OF CERTIFICATE OF INCORPORATION

FI § 62.053Title 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)The commissioner shall approve an application under this subchapter if the commissioner finds that:

(1)the business of the association that is to be reorganized or merged can be effectively continued under the articles of incorporation; and

(2)the reorganization or merger is in the best interest of the general public and the savers, depositors, creditors, and shareholders of the association that is to be reorganized or merged.

(b)If the commissioner approves an application under Subsection (a), the commissioner shall:

(1)state findings under that subsection in writing; and

(2)issue under official seal a certificate of incorporation.

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Legislative history

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