PURPOSE OF INCORPORATION
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
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.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.