Texas Finance Code 62.051 – Purpose of Incorporation
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 62.051
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
A person may apply to incorporate an association for the purpose of:
(1) purchasing the assets, assuming the liabilities, excluding liability to stockholders, and continuing the business of an association the commissioner considers to be in an unsafe condition; or
(2) acquiring an existing association by merger.