Texas Finance Code - Section 92.351. Authority To Reorganize, Merge, Or Consolidate
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Texas Laws > Finance Code > Texas Finance Code - Section 92.351. Authority To Reorganize, Merge, Or Consolidate
Section: 92.302 92.303 92.304 92.305 92.306 92.307 92.308 92.351 92.352 92.353 92.354 92.355 92.401 92.402 92.403
§ 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