Texas Finance Code

§ 92.058 — DECISION ON APPLICATION TO INCORPORATE; ISSUANCE OF CERTIFICATE OF INCORPORATION

FI § 92.058Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. B. INCORPORATION IN GENERAL

Statute text

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(a)Not later than the 30th day after the date the hearing ends, the commissioner shall enter a final order approving or denying the application.

(b)The commissioner may approve an application to incorporate only if:

(1)the prerequisites to incorporation required by this chapter are satisfied;

(2)the character, responsibility, and general fitness of each person named in the articles of incorporation command confidence and warrant belief that:

(A)the business of the savings bank will be honestly and efficiently conducted in accordance with the intent and purpose of this subtitle; and

(B)the savings bank will have qualified full-time management;

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Legislative history

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