Sec. 32.006. ISSUANCE OF CERTIFICATE OF AUTHORITY. A state bank may not engage in the business of banking until it receives a certificate of authority from the banking commissioner. The banking commissioner may not deliver the certificate of authority until the bank has:
(1) received cash for the issuance of all authorized shares in the full amount subscribed;
(2) elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the banking commissioner; and
(3) complied with all the other requirements of this subtitle relating to the organization of state banks.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 11, eff. September 1, 2007.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 32 - Powers, Organization, and Financial Requirements
Subchapter A. Organization and Powers in General
Section 32.001. Organization and General Powers of State Bank
Section 32.002. Certificate of Formation of State Bank
Section 32.003. Application for State Bank Charter; Standards for Approval
Section 32.004. Notice and Investigation of Charter Application
Section 32.005. Protest; Hearing; Decision on Charter Application
Section 32.006. Issuance of Certificate of Authority
Section 32.007. Deadline to Begin Business
Section 32.008. Application of General Corporate Law
Section 32.009. Parity Between State and National Banks