Texas Finance Code 62.451 – Authority to Merge
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Terms Used In Texas Finance Code 62.451
- 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.
One or more corporations organized under a law of this state may merge into an association that owns all of the corporations’ capital stock if:
(1) the board of directors of the association and each corporation by a majority vote adopt the plan of merger; and
(2) the secretary of state and the commissioner approve the merger.