Texas Finance Code

§ 92.061 — DEADLINE FOR COMMENCING BUSINESS

FI § 92.061Title 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)A savings bank shall begin business not later than the first anniversary of the date the commissioner approves the savings bank's application.

(b)On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).

(c)The commissioner may rescind the authority to operate of a savings bank that does not begin business as required by this subtitle.

Legislative history

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