Texas Finance Code

§ 92.102 — INCORPORATION REQUIREMENTS

FI § 92.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. C. INCORPORATION TO REORGANIZE OR MERGE

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(a)An application to incorporate a savings bank under this subchapter must be submitted to the commissioner.

(b)The application must include information required by the commissioner or by rule of the finance commission.

(c)The savings bank must have capital in an amount determined by the commissioner to be sufficient to carry out the purposes for which incorporation is requested.

(d)Chapter 2001, Government Code, does not apply to the application if:

(1)the commissioner considers the financial institution to be reorganized or merged to be in an unsafe condition; or

(2)the savings bank incorporated under this subchapter does not survive the merger or is facilitating the continuation of an existing savings bank corporate reorganization as defined by rules adopted by the finance commission.

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Legislative history

Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.05, eff. September 1, 2005.