Texas Finance Code

§ 62.404 — DENIAL BY COMMISSIONER OF APPLICATION

FI § 62.404Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. I. ADDITIONAL PROVISIONS FOR MERGER OR CONSOLIDATION OF DOMESTIC AND FOREIGN ASSOCIATIONS

Statute text

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If the surviving association is a foreign association, the commissioner shall deny the application if:

(1)the laws of the state in which the foreign association has its principal place of business do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association; or

(2)the foreign association is controlled by a savings and loan holding company that has its principal place of business in a state whose laws do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association.

Legislative history

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