Texas Finance Code - Section 33.003. Hearing And Decision On Acquisition Of Control
Legal Research Home >
Texas Lawyer > Finance Code > Texas Finance Code - Section 33.003. Hearing And Decision On Acquisition Of Control
§ 33.003. HEARING AND DECISION ON ACQUISITION OF
CONTROL. (a) Not later than the 60th day after the date the notice
is published, the banking commissioner shall approve the
application or set the application for hearing. If the banking
commissioner sets a hearing, the department shall participate as
the opposing party and the banking commissioner shall conduct the
hearing and one or more prehearing conferences and opportunities
for discovery as the banking commissioner considers advisable and
consistent with governing law. A hearing held under this section is
confidential and closed to the public.
(b) Based on the record, the banking commissioner may issue
an order denying an application if:
(1) the acquisition would substantially lessen
competition, restrain trade, result in a monopoly, or further a
combination or conspiracy to monopolize or attempt to monopolize
the banking industry in any part of this state, unless:
(A) the anticompetitive effects of the proposed
acquisition are clearly outweighed in the public interest by the
probable effect of the acquisition in meeting the convenience and
needs of the community to be served; and
(B) the proposed acquisition does not violate the
law of this state or the United States;
(2) the financial condition of the proposed
transferee, or any member of a group comprising the proposed
transferee, might jeopardize the financial stability of the bank
being acquired;
(3) plans or proposals to operate, liquidate, or sell
the bank or its assets are not in the best interests of the bank;
(4) the experience, ability, standing, competence,
trustworthiness, and integrity of the proposed transferee, or any
member of a group comprising the proposed transferee, are
insufficient to justify a belief that the bank will be free from
improper or unlawful influence or interference with respect to the
bank's operation in compliance with law;
(5) the bank will not be solvent, have adequate
capitalization, or comply with the law of this state after the
acquisition;
(6) the proposed transferee has not furnished all
information pertinent to the application reasonably required by the
banking commissioner; or
(7) the proposed transferee is not acting in good
faith.
(c) If the banking commissioner approves the application,
the transaction may be consummated. If the approval is conditioned
on a written commitment from the proposed transferee offered to and
accepted by the banking commissioner, the commitment is enforceable
against the bank and the transferee and is considered for all
purposes an agreement under this subtitle.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 33.102 33.103
Last modified: August 10, 2007
|
