Sec. 32.007. DEADLINE TO BEGIN BUSINESS. If the state bank does not open and engage in the business of banking within six months after the date of the granting of its charter, the banking commissioner may forfeit the charter or cancel the conditional approval of application for charter without judicial action.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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