Sec. 92.559. UNAUTHORIZED CHANGE OF CONTROL. If it appears that a change in control may have occurred without prior approval, the commissioner may call a hearing to determine whether:
(1) a change in control has occurred or an unauthorized person without any apparent ownership interest in the savings bank, acting alone or with others, effectively has indirect controlling or dominating influence over the management or policies of the savings bank; and
(2) an appropriate supervisory order should be issued, including an order requiring divestiture of unapproved or indirect control.
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
Subchapter L. Change of Control of Savings Bank
Section 92.551. Inapplicability of Subchapter
Section 92.552. Effect of Subchapter on Other Law
Section 92.553. Application for Change of Control
Section 92.554. Notice of Application
Section 92.555. Confidentiality
Section 92.556. Denial of Application
Section 92.557. Notice of Intent to Deny; Hearing
Section 92.558. Judicial Review