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Texas Finance Code - Section 92.103. Decision On Application; Issuance Of Certificate Of Incorporation

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 92.103. Decision On Application; Issuance Of Certificate Of Incorporation

§ 92.103. DECISION ON APPLICATION;  ISSUANCE OF 
CERTIFICATE OF INCORPORATION.  (a) The commissioner shall approve 
an application under this subchapter if the commissioner finds 
that:
		(1)  the business of the financial institution that is 
to be reorganized or merged can be effectively continued under the 
articles of incorporation;  and
		(2)  the reorganization or merger is in the best 
interest of the public and the savers, depositors, creditors, and 
shareholders of the financial institution that is to be reorganized 
or merged.
	(b)  If the commissioner approves an application under 
Subsection (a), the commissioner shall:
		(1)  state findings under that subsection in writing;  
and                  
		(2)  issue a certificate of incorporation.                                    
	(c)  Notwithstanding Section 92.353, the commissioner may 
approve an application to incorporate under this subchapter if the 
commissioner:
		(1)  considers the institution to be reorganized or 
merged to be in an unsafe condition;  and
		(2)  finds from the application and all information 
submitted with the application that the reorganization or merger is 
in the best interest of the public and the savers, depositors, 
creditors, and shareholders of the institution that is to be 
reorganized or merged.
	(d)  On issuance of the certificate of incorporation, the 
savings bank:      
		(1)  is a corporate body and a continuation of the 
former institution, subject to all its liabilities, obligations, 
duties, and relations;  and
		(2)  may exercise the powers of a savings bank.                               
	(e)  In a merger, a shareholder of a capital stock financial 
institution has the same dissenter's rights as a shareholder of a 
domestic business corporation under the Texas Business Corporation 
Act.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 10, 2007