Texas Finance Code

§ 62.451 — AUTHORITY TO MERGE

FI § 62.451Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. J. MERGER OF SUBSIDIARY CORPORATION

Statute text

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One or more corporations organized under a law of this state may merge into an association that owns all of the corporations' capital stock if:

(1)the board of directors of the association and each corporation by a majority vote adopt the plan of merger; and

(2)the secretary of state and the commissioner approve the merger.

Legislative history

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