Texas Finance Code - Section 92.303. Review By Commissioner; Approval
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Texas Laws > Finance Code > Texas Finance Code - Section 92.303. Review By Commissioner; Approval
Section: 92.255 92.256 92.257 92.258 92.259 92.301 92.302 92.303 92.304 92.305 92.306 92.307 92.308 92.351 92.352
§ 92.303. REVIEW BY COMMISSIONER; APPROVAL. (a) On
receipt of the application, the commissioner shall conduct an
examination of the financial institution seeking conversion.
(b) After the examination, the commissioner shall approve
the conversion without a hearing if the commissioner determines
that the converting financial institution is in sound condition and
meets all requirements of Subchapter B and relevant rules of the
(c) On approval of the conversion, the incorporators shall
insert a paragraph preceding the testimonium clause in the
certificate of incorporation stating that the savings bank is
incorporated by conversion from another financial institution.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 47, eff. Sept. 1, 2001.
Last modified: August 11, 2007