Sec. 92.053. ADDITIONAL REQUIREMENTS FOR MUTUAL SAVINGS BANK. (a) A mutual savings bank's articles of incorporation must include a statement of the amount of deposit liability of the savings bank and the amount of the expense fund with which the savings bank will begin business.
(b) Before approving the articles of incorporation of a mutual savings bank, the commissioner shall require the savings bank to have subscriptions for an aggregate amount of deposit accounts and an expense fund in an aggregate amount the finance commission by rule establishes as necessary for the successful operation of a mutual savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 37, eff. Sept. 1, 2001.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter B. Incorporation in General
Section 92.051. Application to Incorporate
Section 92.052. Additional Requirements for Capital Stock Savings Bank
Section 92.053. Additional Requirements for Mutual Savings Bank
Section 92.054. Minimum Initial Capital
Section 92.055. Approval of Managing Officer
Section 92.056. Corporate Name
Section 92.057. Hearing on Application to Incorporate
Section 92.058. Decision on Application to Incorporate; Issuance of Certificate of Incorporation
Section 92.059. Judicial Review
Section 92.060. Preference for Local Control
Section 92.061. Deadline for Commencing Business
Section 92.062. Amendment of Articles of Incorporation or Bylaws
Section 92.063. Change of Office or Name; Establishment of Additional Offices