Texas Finance Code - Section 89.007. Association Authorized To Conduct Savings And Loan Business Under Prior Law Now Subject To Subtitle
Legal Research Home >
Texas Lawyer > Finance Code > Texas Finance Code - Section 89.007. Association Authorized To Conduct Savings And Loan Business Under Prior Law Now Subject To Subtitle
§ 89.007. ASSOCIATION AUTHORIZED TO CONDUCT SAVINGS AND
LOAN BUSINESS UNDER PRIOR LAW NOW SUBJECT TO SUBTITLE. (a) An
association or corporation that was authorized to conduct a
building and loan association, savings and loan association,
building society, or other similar business before January 1, 1964,
and that has substantially the same purpose as a savings and loan
association is subject to this subtitle. The name, rights, powers,
privileges, and immunities of each of those associations or
corporations are governed, construed, extended, and limited by this
subtitle to the same extent and effect as if the association or
corporation had been incorporated under this subtitle.
(b) Except as provided by Subsection (d) and
notwithstanding anything to the contrary in the entity's
certificate of incorporation, bylaws, constitution, or rules, each
association or corporation described by Subsection (a) has the
rights, powers, privileges, and immunities conferred by this
subtitle and is subject to the duties, liabilities, and
restrictions imposed by this subtitle.
(c) Except as provided by Subsection (d), the articles of
association, certificate of incorporation, or charter and the
bylaws, constitutions, or other rules of each of those associations
or corporations are:
(1) considered modified and amended to conform to this
subtitle, regardless of whether the commissioner has issued or
approved a conformed copy of the document; and
(2) void to the extent that the document is
inconsistent with this subtitle.
(d) The obligations existing on January 1, 1964, of each
association or corporation described by Subsection (a), including
an obligation between the entity and one or more of its members and
between the entity and any other person, are not impaired by this
subtitle. Any valid contract existing on January 1, 1964, either
between the members of the entity or between the entity and any
other person, is not impaired by this subtitle. An association is
not required to change its name.
(e) An association or corporation described by Subsection
(a) may enforce in its name any contractual obligation of the
association or corporation incurred before January 1, 1964. A
demand, claim, or right of action against the association or
corporation may be enforced against the association or corporation
as fully and completely as it might have been enforced before
January 1, 1964.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 67.304 89.001 89.002 89.003 89.004 89.005 89.006 89.007 89.008 89.051 89.052 89.101 89.102 91.001 91.002
Last modified: August 10, 2007
|
