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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle D. CREDIT UNIONS |
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Chapter 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
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Subchapter D. MERGER OR CONSOLIDATION |
Sec. 122.152. APPLICATION TO MERGE OR CONSOLIDATE
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(a) After agreement by the directors and approval by the members, if applicable, of each credit union or federal credit union, the chairman and secretary of each credit union or federal credit union shall execute a certificate of merger or consolidation that:
(1) includes a copy of the resolution or other action by which the board agreed to the merger or consolidation plan; and
(2) states:
(A) the time and place of the board meeting at which the board agreed to the merger or consolidation plan;
(B) the board's vote for and against adoption of the plan;
(C) the time and place of the meeting at which the members approved the plan, if applicable;
(D) the membership's vote for and against approval of the plan, if applicable; and
(E) the name of the surviving credit union.
(b) The merging credit union or a consolidating credit union shall submit the certificates and a copy of the merger or consolidation plan to the commissioner.