Texas Finance Code

§ 92.103 — DECISION ON APPLICATION; ISSUANCE OF CERTIFICATE OF INCORPORATION

FI § 92.103Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. C. INCORPORATION TO REORGANIZE OR MERGE

Statute text

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(a)The commissioner shall approve an application under this subchapter if the commissioner finds that:

(1)the business of the financial institution that is to be reorganized or merged can be effectively continued under the articles of incorporation; and

(2)the reorganization or merger is in the best interest of the public and the savers, depositors, creditors, and shareholders of the financial institution that is to be reorganized or merged.

(b)If the commissioner approves an application under Subsection (a), the commissioner shall:

(1)state findings under that subsection in writing; and

(2)issue a certificate of incorporation.

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Legislative history

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