Texas Finance Code 92.451 – Authority to Merge
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Terms Used In Texas Finance Code 92.451
- 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 the law of this state may merge into a savings bank that owns all the corporations’ capital stock if:
(1) the board of the savings bank and each corporation by majority vote adopt a plan of merger; and
(2) the secretary of state and the commissioner approve the merger.