Texas Finance Code

§ 62.253 — REVIEW BY COMMISSIONER; APPROVAL

FI § 62.253Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. F. CONVERSION OF FEDERAL ASSOCIATION OR STATE OR NATIONAL BANK TO STATE ASSOCIATION

Statute text

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(a)On receipt of an application, the commissioner shall order an examination of the entity to be converted.

(b)If the commissioner finds the entity is in sound condition, the commissioner shall:

(1)approve the conversion; and

(2)insert in the certificate of incorporation, at the end of the paragraph preceding the testimonium clause, the statement "This association is incorporated by conversion from __________ (a federal savings and loan association, state bank, or national bank, as applicable)."

Legislative history

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