Texas Finance Code - Section 91.003. Control; Subsidiary
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§ 91.003. CONTROL; SUBSIDIARY. (a) For purposes of this
subtitle, a person controls a savings bank if the person has the
power to direct or cause the direction of the management and
policies of the savings bank directly or indirectly. A person is
considered to control a savings bank if the person, individually or
acting with others, directly or indirectly holds with the power to
vote, owns, or controls, or holds proxies representing, at least 25
percent of the voting stock or voting rights of a savings bank.
(b) For purposes of this subtitle, a company is a subsidiary
of a savings bank if the savings bank or another company directly or
indirectly controlled by the savings bank controls the company. A
savings bank is considered to control a company if the savings bank,
directly or indirectly or acting with one or more other persons or
through one or more subsidiaries:
(1) holds with the power to vote, owns, or controls, or
holds proxies representing, more than 25 percent of the voting
stock or voting rights of the company;
(2) controls in any manner the election of a majority
of the directors of the company;
(3) is a general partner in the company; or
(4) has contributed more than 25 percent of the equity
capital of the company.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 89.008 89.051 89.052 89.101 89.102 91.001 91.002 91.003 91.004 91.005 91.006 91.007 92.001 92.051 92.052
Last modified: August 10, 2007
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