|
|
|
State Law
Federal Law
|
Texas Finance Code - Chapter 92 Organizational And Financial RequirementsLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 92 Organizational And Financial Requirements (a) With respect to a savings bank, other than a savings bank organized as a limited savings bank, organized before January 1, 2006, the Texas ... (a) Five or more adult residents of this state may apply to incorporate a savings bank by submitting to the commissioner: (1) an application to ... (a) A capital stock savings bank's articles of incorporation must include a statement of: (1) the aggregate number of shares of common stock that the ... (a) A mutual savings bank's articles of incorporation must include a statement of the amount of deposit liability of the savings bank and the amount ... (a) The finance commission by rule shall set the minimum initial capital of a savings bank in an amount not less than the greater of: ... (a) A savings bank may not begin business before: (1) it presents to the commissioner the name and qualifications of its managing officer; and (2) ... (a) The name of a savings bank must include the words "State Savings Bank" or the abbreviation "SSB," preceded by one or more appropriate descriptive ... (a) On the filing of a complete application to incorporate, as defined by rules adopted by the finance commission, the commissioner shall: (1) issue public ... (a) Not later than the 30th day after the date the hearing ends, the commissioner shall enter a final order approving or denying the application. ... (a) An applicant may appeal a final order with the commissioner as defendant. (b) A party to the action may appeal the court's decision. The ... If more than one application to incorporate a new savings bank or establish an additional office of an existing savings bank in the same community ... (a) A savings bank shall begin business not later than the first anniversary of the date the commissioner approves the savings bank's application. (b) On ... (a) A savings bank may amend its articles of incorporation or bylaws by a resolution adopted by a majority vote of those entitled to vote ... (a) Only with the prior approval of the commissioner given in accordance with rules of the finance commission may a savings bank: (1) establish an ... A person may apply to incorporate a savings bank for the purpose of: (1) purchasing the assets, assuming the liabilities other than liability to shareholders, ... (a) An application to incorporate a savings bank under this subchapter must be submitted to the commissioner. (b) The application must include information required by ... (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 ... (a) Not later than the 30th day after the date the corporate existence of a savings bank begins, the initial board shall hold an organizational ... (a) A board of not fewer than five or more than 21 directors shall direct the business of a savings bank. The members or shareholders ... (a) A person is not qualified to be a director of a savings bank if the person: (1) is less than 18 years of age; ... (a) The officers of a savings bank are: (1) a president; (2) one or more vice presidents; (3) a secretary; and (4) other officers prescribed ... (a) Except as the finance commission by rule provides, a director or officer may not: (1) receive directly or indirectly a commission on or benefit ... (a) A savings bank shall maintain a blanket indemnity bond with an adequate corporate surety protecting the savings bank from loss by or through dishonest ... (a) The members or shareholders of a savings bank shall hold an annual meeting at the time fixed in the savings bank's bylaws. (b) A ... (a) The voting rights of a person entitled to vote at an annual or special meeting of a savings bank are the same as those ... A savings bank shall maintain its books and records according to generally accepted accounting principles and to rules adopted by the finance commission. Acts 1997, ... Unless approved in advance by the commissioner, a savings bank shall maintain an amount equal to at least 10 percent of its average daily deposits ... A savings bank shall maintain regulatory capital in the amount prescribed by rule of the finance commission. The amount may not be less than the ... (a) A savings bank must: (1) qualify under and continue to meet the qualified thrift lender test of Section 10(m), Home Owners' Loan Act (12 ... (a) A savings bank shall close its books at the times provided by its bylaws to determine its gross income for the period since the ... A savings bank shall obtain and maintain federal insurance of deposit accounts through an insurance corporation created by an Act of the United States Congress. ... A savings bank may issue a form of stock, share, account, or investment certificate only as authorized by this subtitle or as permitted for a ... (a) A savings bank may not issue common stock before the common stock is fully paid for in cash. (b) A savings bank may not ... (a) A savings bank may not issue preferred stock before the preferred stock is fully paid for in cash. (b) A savings bank may not ... (a) The articles of incorporation may: (1) authorize that shares of preferred stock be divided into and issued in series; and (2) determine the rights ... (a) The board of a capital stock savings bank may declare and pay a dividend out of current or retained income, in cash or additional ... (a) At a savings bank's closing date, the savings bank may use all or part of a surplus account, whether earned or paid in, or ... (a) The expense of organizing a savings bank, its operating expenses, and earnings on accounts declared and paid or credited to its deposit account holders ... (a) The finance commission by rule shall establish the conditions under which a savings bank may convert to another financial institution. (b) The rules must ... (a) A savings bank may convert to another financial institution if a resolution declaring the conversion is adopted by a majority vote of the members ... Not later than the 10th day after the date an application to convert is received, the commissioner shall: (1) consent by written order to the ... (a) A hearing set under Section 92.253(2) must be held not later than the 25th day after the date the application is filed unless a ... Within three months after the date of the commissioner's written order consenting to the conversion, the savings bank shall consummate the conversion in the manner ... (a) The new financial institution shall file with the commissioner: (1) a copy of the charter issued to the new financial institution by the appropriate ... On the issuance of a charter by the appropriate banking agency, the savings bank: (1) ceases to be a savings bank incorporated under this subtitle; ... After a savings bank is converted to another financial institution: (1) the corporate existence of the savings bank continues; and (2) the new financial institution ... The new financial institution: (1) retains any property, right, or obligation of the converted savings bank; and (2) to the extent the provisions can be ... (a) Another financial institution may convert to a savings bank if the conversion is approved by a majority vote of the members or shareholders of ... (a) At the meeting under Section 92.301(a), the members or shareholders shall elect directors of the savings bank. (b) The directors, or the president and ... (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 ... (a) An applicant is entitled to a hearing under Chapter 2001, Government Code, if: (1) the commissioner denies an application to convert; and (2) a ... After another financial institution is converted to a savings bank: (1) the corporate existence of the financial institution continues; and (2) the savings bank is ... (a) The property of another financial institution that converts to a savings bank vests in the savings bank. (b) The savings bank: (1) holds the ... (a) A judicial proceeding to which the financial institution that converted is a party is not abated or discontinued by reason of the conversion and ... The savings bank shall file a copy of the order of conversion in each county in which the financial institution that converted owned real property ... (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. ... (a) On receiving a plan of reorganization, merger, or consolidation, the commissioner shall give: (1) public notice of the reorganization, merger, or consolidation in each ... The commissioner shall issue an order denying the plan if: (1) the reorganization, merger, or consolidation would substantially lessen competition or restrain trade and would ... If the surviving financial institution is an entity other than a savings bank, the commissioner may accept, in addition to or instead of the requirements ... (a) An entity that results from a reorganization, merger, or consolidation as provided by Section 92.351 has the property rights and obligations of the reorganized, ... (a) Except as provided by Section 92.407, this subchapter applies only to the merger or consolidation of a domestic savings bank with a foreign savings ... The board of the foreign savings bank must adopt the merger or consolidation plan. Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, ... If the commissioner considers the domestic savings bank to be in an unsafe condition: (1) the provisions of Chapter 2001, Government Code, applicable to a ... If the surviving savings bank is a foreign savings bank, the commissioner shall deny the application if: (1) the law of the state in which ... (a) If the commissioner approves the plan of merger or consolidation, the commissioner shall issue an order approving the merger or consolidation. (b) If the ... If the surviving savings bank is a foreign savings bank, the commissioner may enforce a condition, restriction, or requirement on the surviving savings bank that ... (a) A foreign savings and loan association may merge with a domestic savings bank under this subchapter as if the foreign savings and loan association ... One or more corporations organized under the law of this state may merge into a savings bank that owns all the corporations' capital stock if: ... (a) The articles of merger must: (1) be executed by the president or vice president and a secretary or assistant secretary of the savings bank ... (a) The secretary of state shall approve the articles of merger if the secretary of state determines that: (1) the articles of merger comply with ... (a) A merger takes effect on the date the last required certificate of merger is issued. (b) After the merger takes effect: (1) a corporation ... Subchapter H does not apply to a merger under this subchapter. Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. ... (a) A savings bank may liquidate and dissolve if: (1) at an annual meeting or a special meeting called for the purpose, the members or ... (a) The board, under the commissioner's supervision and in accordance with the approved liquidation plan, shall liquidate the affairs of the savings bank and reduce ... (a) On completion of the liquidation, the board shall file with the commissioner a final report and accounting of the liquidation. (b) The commissioner's approval ... This subchapter does not apply to a conversion, reorganization, merger, consolidation, or voluntary liquidation under Subchapter F, G, H, J, or K. Acts 1997, 75th ... This subchapter does not: (1) excuse or diminish notice requirements prescribed by this subtitle; or (2) prevent the commissioner from investigating, commenting on, or seeking ... (a) Control of a savings bank may change only if an application for approval of the change of control is filed with and approved by ... (a) On receipt of an application, the commissioner shall submit to the Texas Register for publication in the next issue after the date the application ... (a) Except as provided by this section, information the commissioner obtains under this subchapter that is not published is confidential and may not be disclosed ... (a) The commissioner by order shall deny an application unless the applicant establishes that: (1) the acquisition would not: (A) substantially lessen competition; (B) restrain ... (a) Not later than the 60th day after the date the application is filed, the commissioner shall: (1) approve the application without a hearing; or ... (a) An applicant may appeal a final order with the commissioner as defendant. (b) A party to the action may appeal the court's decision. The ... If it appears that a change in control may have occurred without prior approval, the commissioner may call a hearing to determine whether: (1) a ... (a) The attorney general on behalf of the commissioner may apply for equitable relief as the case may require, including an order prohibiting the violation, ... (a) A person commits an offense if the person intentionally makes a materially false or misleading statement to the commissioner with respect to the information ... (a) Five or more adult residents of this state may apply to organize a savings bank as a limited savings bank by submitting to the ... A member, transferee of a member, or manager of a limited savings bank is not liable for a debt, obligation, or liability of the limited ... A member of a limited savings bank is obligated to make contributions as required in the company agreement. Added by Acts 2005, 79th Leg., ch. ... (a) Management of a limited savings bank shall be exercised by a board of managers consisting of not fewer than five or more than 21 ... (a) A member may not receive from a limited savings bank any part of the member's contribution except as provided by rule adopted by the ... (a) A limited savings bank shall adopt a company agreement that contains provisions regulating the management and organization of the limited savings bank. The agreement ... (a) A limited savings bank organized under this subchapter is dissolved on: (1) the expiration of the period fixed for the duration of the limited ... The profits and losses of a limited savings bank may be allocated among the members and among classes of members as provided by the company ... Subject to rules adopted by the finance commission, distributions of cash or other assets of a limited savings bank may be made to the members ... (a) A limited savings bank may amend its certificate of formation by a majority vote of the members cast at any annual meeting or a ... (a) This subtitle applies to a savings bank organized as a limited savings bank under this subchapter. In the event of a conflict between this ... Texas Lawyers
Last modified: August 10, 2007 |