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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 C. SAVINGS BANKS |
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Chapter 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
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Subchapter H. REORGANIZATION, MERGER, AND CONSOLIDATION IN GENERAL |
Sec. 92.351. AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE
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(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.