Sec. 62.404. DENIAL BY COMMISSIONER OF APPLICATION. If the surviving association is a foreign association, the commissioner shall deny the application if:
(1) the laws of the state in which the foreign association has its principal place of business do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association; or
(2) the foreign association is controlled by a savings and loan holding company that has its principal place of business in a state whose laws do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association.
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 I. Additional Provisions for Merger or Consolidation of Domestic and Foreign Associations
Section 62.401. Applicability of Subchapter
Section 62.402. Adoption of Merger or Consolidation Plan
Section 62.403. Notice and Hearing; Confidentiality
Section 62.404. Denial by Commissioner of Application