Sec. 92.405. 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 savings bank is a foreign savings bank, the commissioner shall issue and deliver to the surviving savings bank a certificate of authority to do business as a savings bank in this state for a period that expires January 31 of the next calendar year.
(c) A surviving savings bank that is a domestic savings bank shall operate under:
(1) the articles and bylaws of the merging or consolidating domestic savings bank; and
(2) the law applicable to a domestic savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Section 92.401. Applicability of Subchapter
Section 92.402. Adoption of Merger or Consolidation Plan
Section 92.403. Notice and Hearing; Confidentiality
Section 92.404. Denial by Commissioner of Application
Section 92.405. Approval by Commissioner of Plan
Section 92.407. Merger of Foreign Savings and Loan Association