Texas Finance Code - Section 33.001. Acquisition Of Control
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§ 33.001. ACQUISITION OF CONTROL. (a) Except as
otherwise expressly permitted by this subtitle, without the prior
written approval of the banking commissioner a person may not
directly or indirectly acquire a legal or beneficial interest in
voting securities of a state bank or a corporation or other entity
owning voting securities of a state bank if, after the acquisition,
the person would control the bank.
(b) For purposes of this subchapter and except as otherwise
provided by rules adopted under this subtitle, the principal
shareholder or principal participant of a state bank that directly
or indirectly owns or has the power to vote a greater percentage of
voting securities of the bank than any other shareholder or
participant is considered to control the bank.
(c) This subchapter does not prohibit a person from
negotiating to acquire, but not acquiring, control of a state bank
or a person that controls a state bank.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 32.402 32.403 32.404 32.405 32.406 32.501 32.502 33.001 33.002 33.003 33.004 33.005 33.006 33.007 33.101
Last modified: August 10, 2007
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