Texas Statutes (Last Updated: January 4, 2014) |
FINANCE CODE |
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
Subtitle B. SAVINGS AND LOAN ASSOCIATIONS |
Chapter 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
Subchapter H. REORGANIZATION, MERGER, AND CONSOLIDATION |
Sec. 62.351. AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE
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(a) An association may reorganize, merge, or consolidate with another association, federal association, foreign association, state or national bank, or state or federal savings bank 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 association has the same dissenter's rights as a shareholder of a domestic corporation under the Texas Business Corporation Act.
(d) A merger or consolidation of a domestic association with a foreign association is also subject to Subchapter I.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.