Texas Finance Code

§ 92.451 — AUTHORITY TO MERGE

FI § 92.451Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. J. MERGER OF SUBSIDIARY CORPORATION

Statute text

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One or more corporations organized under the law of this state may merge into a savings bank that owns all the corporations' capital stock if:

(1)the board of the savings bank and each corporation by majority vote adopt a plan of merger; and

(2)the secretary of state and the commissioner approve the merger.

Legislative history

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