Sec. 62.253. REVIEW BY COMMISSIONER; APPROVAL. (a) On receipt of an application, the commissioner shall order an examination of the entity to be converted.
(b) If the commissioner finds the entity is in sound condition, the commissioner shall:
(1) approve the conversion; and
(2) insert in the certificate of incorporation, at the end of the paragraph preceding the testimonium clause, the statement "This association is incorporated by conversion from __________ (a federal savings and loan association, state bank, or national bank, as applicable)."
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 F. Conversion of Federal Association or State or National Bank to State Association
Section 62.251. Application to Convert
Section 62.252. Election of Directors; Execution and Acknowledgment of Application and Bylaws
Section 62.253. Review by Commissioner; Approval
Section 62.254. Applicability of Subtitle to Converted Association