§ 62.351 — AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE.

Texas § 62.351

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 62.351. AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE. (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.

Legislative History

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