Sec. 62.254. APPLICABILITY OF SUBTITLE TO CONVERTED ASSOCIATION. (a) To the extent applicable, this subtitle applies to an association incorporated under this subchapter.
(b) An association incorporated under this subchapter:
(1) is a continuation of the entity that was converted; and
(2) has the property and rights of that entity.
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