Texas Finance Code

§ 97.053 — PLAN OF REORGANIZATION

FI § 97.053Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 97. HOLDING COMPANIES · Art. B. MUTUAL HOLDING COMPANIES

Statute text

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(a)The plan of reorganization must provide that:

(1)a subsidiary savings bank shall:

(A)be incorporated under Subchapter B, Chapter 92; or

(B)on prior approval of the commissioner, be incorporated under Subchapter C, Chapter 92;

(2)the savings bank shall transfer a substantial part of its assets to the subsidiary savings bank, and the subsidiary savings bank shall assume a substantial part of the savings bank's liabilities, including all depository liabilities;

(3)as a result of the reorganization, the mutual holding company must hold more than 50 percent of the stock of the subsidiary savings bank; and

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.