Sec. 62.051. PURPOSE OF INCORPORATION. A person may apply to incorporate an association for the purpose of:
(1) purchasing the assets, assuming the liabilities, excluding liability to stockholders, and continuing the business of an association the commissioner considers to be in an unsafe condition; or
(2) acquiring an existing association by merger.
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 B. Incorporation to Reorganize or Merge
Section 62.051. Purpose of Incorporation
Section 62.052. Incorporation Requirements
Section 62.053. Decision on Application; Issuance of Certificate of Incorporation