Sec. 92.303. REVIEW BY COMMISSIONER; APPROVAL. (a) On receipt of the application, the commissioner shall conduct an examination of the financial institution seeking conversion.
(b) After the examination, the commissioner shall approve the conversion without a hearing if the commissioner determines that the converting financial institution is in sound condition and meets all requirements of Subchapter B and relevant rules of the finance commission.
(c) On approval of the conversion, the incorporators shall insert a paragraph preceding the testimonium clause in the certificate of incorporation stating that the savings bank is incorporated by conversion from another financial institution.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 47, eff. Sept. 1, 2001.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter G. Conversion of Other Financial Institution to Savings Bank
Section 92.301. Application to Convert
Section 92.302. Election of Directors; Execution and Acknowledgment of Application and Bylaws
Section 92.303. Review by Commissioner; Approval
Section 92.304. Hearing on Denial; Appeal
Section 92.305. Continuation of Corporate Existence
Section 92.306. Property and Obligations of Converted Institution
Section 92.307. Effect of Conversion on Pending Legal Action