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Texas Finance Code - Section 92.351. Authority To Reorganize, Merge, Or Consolidate

Legal Research Home > Texas Laws > Finance Code > Texas Finance Code - Section 92.351. Authority To Reorganize, Merge, Or Consolidate

§ 92.351. AUTHORITY TO REORGANIZE, MERGE, OR 
CONSOLIDATE.  (a) A savings bank may reorganize, merge, or 
consolidate with a corporation, another financial institution, or 
another entity under a plan adopted by the board.
	(b)  The plan must be approved:                                                
		(1)  at an annual meeting or a special meeting called to 
consider the action by a majority of the total vote the members or 
shareholders are entitled to cast;  and
		(2)  by the commissioner.                                                     
	(c)  A shareholder of a capital stock savings bank has the 
same dissenter's rights as a shareholder of a domestic corporation 
under the Texas Business Corporation Act.
	(d)  A reorganization, merger, or consolidation is subject 
to Section 16, Article XVI, Texas Constitution.  A merger or 
consolidation of a domestic savings bank with a foreign savings 
bank is also subject to Subchapter I.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.  Amended 
by Acts 2005, 79th Leg., ch. 1018, § 5.14, eff. Sept. 1, 2005.

Last modified: August 11, 2007