Texas Finance Code - Section 32.302. Approval Of Banking Commissioner
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§ 32.302. APPROVAL OF BANKING COMMISSIONER. (a) If the
merger is subject to the prior written approval of the banking
commissioner, the original articles of merger and a number of
copies of the articles equal to the number of surviving, new, and
acquiring entities must be filed with the banking commissioner. On
this filing, the banking commissioner shall investigate the
condition of the merging parties. The banking commissioner may
require the submission of additional information the banking
commissioner determines necessary to an informed decision to
approve or reject a merger under this subchapter.
(b) The banking commissioner shall approve the merger only
if:
(1) each resulting state bank:
(A) has complied with the laws of this state
relating to the organization and operation of state banks; and
(B) will be solvent and have adequate
capitalization for its business and location;
(2) all deposit and other liabilities of each state
bank that is a party to the merger have been properly discharged or
otherwise assumed or retained by a financial institution;
(3) each surviving, new, or acquiring entity that is
not a depository institution will not be engaged in the
unauthorized business of banking, and each state bank will not be
engaged in a business other than banking or a business incidental to
banking;
(4) the parties have complied with the laws of this
state; and
(5) all conditions imposed by the banking commissioner
have been satisfied or otherwise resolved.
(c) If the banking commissioner approves the merger and
finds that all required filing fees and investigative costs have
been paid, the banking commissioner shall:
(1) endorse the face of the original and each copy of
the articles of merger with the date of approval and the word
"Approved";
(2) file the original of the articles of merger in the
department's records; and
(3) deliver a certified copy of the articles of merger
to each surviving, new, or acquiring entity.
(d) An approved merger takes effect on the date of approval
unless the merger agreement provides for a different effective
date.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 32.103 32.104 32.201 32.202 32.203 32.204 32.301 32.302 32.303 32.304 32.401 32.402 32.403 32.404 32.405
Last modified: August 10, 2007
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