Texas Finance Code 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.
Terms Used In Texas Finance Code 62.351
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(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.