§ 62.005 — CORPORATE NAME.

Texas § 62.005

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 62.005. CORPORATE NAME. (a) The name of an association must include the words "Savings Association," "Savings Institution," "Savings and Loan Association," or "Savings and Loan Institution," preceded by one or more appropriate descriptive words approved by the commissioner.
(b) The commissioner may not approve the incorporation of an association that has the same name as another association authorized to do business in this state under this subtitle or a name so nearly resembling the name of another association as to be calculated to deceive unless the association is formed:
(1) by the reincorporation, reorganization, or consolidation of other associations; or
(2) on the sale of the property or franchise of an association.
(c) A person who is not an association authorized to do business under this subtitle may not do business under a name or title that:
(1) indicates or reasonably implies that the business being done is the type of business carried on or transacted by an association; or
(2) is calculated to lead a person to believe that the business being done is the type of business carried on or transacted by an association.
(d) On application by the commissioner or an association, a court may enjoin a violation of this section.

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.