Sec. 62.405. APPROVAL BY COMMISSIONER OF PLAN. (a) If the commissioner approves the plan of merger or consolidation, the commissioner shall issue an order approving the merger or consolidation.
(b) If the surviving association is a foreign association, the commissioner shall issue and deliver to the surviving association a certificate of authority to do business as an association in this state for the period expiring on January 31 of the next calendar year.
(c) A surviving association that is a domestic association shall operate under:
(1) the articles and bylaws of the merging or consolidating domestic association; and
(2) the laws applicable to 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