Texas Finance Code - Section 32.406. Limitation On Control Of Deposits
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Texas Lawyer > Finance Code > Texas Finance Code - Section 32.406. Limitation On Control Of Deposits
§ 32.406. LIMITATION ON CONTROL OF DEPOSITS. (a) A
purchase of assets is not permitted under Section 32.401 if, on
consummation of the transaction, the acquiring state bank,
including all insured depository institution affiliates of the
resulting state bank, would control 20 percent or more of the total
amount of deposits in this state held by all insured depository
institutions in this state.
(b) On request of the banking commissioner the applicant
shall provide supplemental information to the banking commissioner
to aid in a determination under this section, including information
that is more current than or in addition to information in the most
recently available summary of deposits, reports of condition, or
similar reports filed with or produced by state or federal
authorities.
(c) In this section, "deposit" and "insured depository
institution" have the meanings assigned by Section 3, Federal
Deposit Insurance Act (12 U.S.C. Section 1813), as amended.
Added by Acts 1999, 76th Leg., ch. 344, § 2.009, eff. Sept. 1,
1999.
Section: 32.303 32.304 32.401 32.402 32.403 32.404 32.405 32.406 32.501 32.502 33.001 33.002 33.003 33.004 33.005
Last modified: August 10, 2007
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