Sec. 62.009. DEADLINE FOR COMMENCING BUSINESS. (a) An association shall begin business not later than the first anniversary of the date the commissioner approves the association's application.
(b) On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).
(c) The commissioner may rescind the authority to operate of an association that does not begin business as required by this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Chapter 62 - Organizational and Financial Requirements
Subchapter A. Incorporation in General
Section 62.001. Application to Incorporate
Section 62.002. Additional Incorporation Requirements for Capital Stock Association
Section 62.003. Additional Incorporation Requirements for Mutual Association
Section 62.004. Approval of Managing Officer
Section 62.005. Corporate Name
Section 62.006. Hearing on Application to Incorporate
Section 62.007. Decision on Application to Incorporate; Issuance of Certificate of Incorporation
Section 62.008. Preference for Local Control
Section 62.009. Deadline for Commencing Business
Section 62.010. Amendment of Articles of Incorporation or Bylaws