Texas Finance Code - Section 32.006. Issuance Of Certificate Of Authority
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Texas Lawyer > Finance Code > Texas Finance Code - Section 32.006. Issuance Of Certificate Of Authority
§ 32.006. ISSUANCE OF CERTIFICATE OF AUTHORITY. A state
bank may not engage in the business of banking until it receives a
certificate of authority from the banking commissioner. The
banking commissioner may not deliver the certificate of authority
until the bank has:
(1) received cash for the issuance of all authorized
shares or participation shares in the full amount subscribed;
(2) elected or qualified the initial officers and
directors or managers, as appropriate, named in the application for
charter or other officers and directors or managers approved by the
banking commissioner; and
(3) complied with all the other requirements of this
subtitle relating to the organization of state banks.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 31.307 31.308 32.001 32.002 32.003 32.004 32.005 32.006 32.007 32.008 32.009 32.010 32.011 32.101 32.102
Last modified: August 10, 2007
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