Court Opinions

State Laws

US Code

US Constitution

Texas Finance Code - Section 33.002. Application Regarding Acquisition Of Control

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 33.002. Application Regarding Acquisition Of Control

§ 33.002. APPLICATION REGARDING ACQUISITION OF 
CONTROL.  (a) The proposed transferee in an acquisition of control 
of a state bank or of a person that controls a state bank must file 
an application for approval of the acquisition.  The application 
must:
		(1)  be under oath and in a form prescribed by the 
banking commissioner;    
		(2)  contain all information that:                                            
			(A)  is required by rules adopted under this 
subtitle;  or                 
			(B)  the banking commissioner requires in a 
particular application as necessary to an informed decision to 
approve or reject the proposed acquisition;  and
		(3)  be accompanied by any filing fee required by law.                        
	(b)  If a person proposing to acquire voting securities in a 
transaction subject to this section includes any group of persons 
acting in concert, the information required by the banking 
commissioner may be required of each member of the group.
	(c)  Information obtained by the banking commissioner under 
this section is confidential and may not be disclosed by the banking 
commissioner or any employee of the department except as provided 
by Subchapter D, Chapter 31.
	(d)  The applicant shall publish notice of the application, 
its date of filing, and the identity of the applicant and, if the 
applicant includes a group, the identity of each group member.  The 
notice must be published in the form and frequency specified by the 
banking commissioner and in a newspaper of general circulation in 
the county in which the bank's home office is located, or in another 
publication or location as directed by the banking commissioner.
	(e)  The applicant may defer publication of the notice until 
not later than the 34th day after the date the application is filed 
if:
		(1)  the application is filed in contemplation of a 
public tender offer subject to 15 U.S.C. Section 78n(d)(1);
		(2)  the applicant requests confidential treatment and 
represents that a public announcement of the tender offer and the 
filing of appropriate forms with the Securities and Exchange 
Commission or the appropriate federal banking agency, as 
applicable, will occur within the period of deferral;  and
		(3)  the banking commissioner determines that the 
public interest will not be harmed by the requested confidential 
treatment.
	(f)  The banking commissioner may waive the requirement that 
a notice be published or permit delayed publication on a 
determination that waiver or delay is in the public interest.  If 
publication of notice is waived under this subsection, the 
information that would be contained in a published notice becomes 
public information under Chapter 552, Government Code, on the 35th 
day after the date the application is filed.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.  Amended 
by Acts 2001, 77th Leg., ch. 412, § 2.09, eff. Sept. 1, 2001.

Last modified: August 10, 2007