Texas Finance Code

§ 62.305 — EFFECT OF APPROVAL OF APPLICATION AND ISSUANCE OF CHARTER

FI § 62.305Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. G. CONVERSION OF ASSOCIATION TO STATE OR NATIONAL BANK OR STATE OR FEDERAL SAVINGS BANK

Statute text

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On the commissioner's approval of the application for conversion and the appropriate financial institution regulatory agency's issuance of a charter, the bank or savings bank:

(1)ceases to be an association incorporated under this subtitle; and

(2)is no longer subject to the supervision and control of the commissioner.

Legislative history

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