Texas Finance Code

§ 92.351 — AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE

FI § 92.351Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. H. REORGANIZATION, MERGER, AND CONSOLIDATION IN GENERAL

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(a)A savings bank may reorganize, merge, or consolidate with a corporation, another financial institution, or another entity under a plan adopted by the board.

(b)The plan must be approved:

(1)at an annual meeting or a special meeting called to consider the action by a majority of the total vote the members or shareholders are entitled to cast; and

(2)by the commissioner.

(c)A shareholder of a capital stock savings bank has the same dissenter's rights as a shareholder of a domestic corporation under the Texas Business Corporation Act.

(d)A reorganization, merger, or consolidation is subject to Section 16, Article XVI, Texas Constitution. A merger or consolidation of a domestic savings bank with a foreign savings bank is also subject to Subchapter I. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.14, eff. September 1, 2005.