Texas Finance Code
§ 97.051 — REORGANIZATION TO BECOME MUTUAL HOLDING COMPANY
FI § 97.051Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 97. HOLDING COMPANIES · Art. B. MUTUAL HOLDING COMPANIES
Statute text
View on source(a)Notwithstanding any other law, a savings bank may be reorganized as a mutual holding company by submitting to the commissioner an application for approval of reorganization.
(b)Before submission, an application for reorganization must be approved by a majority vote of the members or shareholders of the savings bank cast at an annual meeting or a special meeting called to consider the reorganization.
Legislative history
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.