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Tex. Fin. Code § 62.405

APPROVAL BY COMMISSIONER OF PLAN

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) If the commissioner approves the plan of merger or consolidation, the commissioner shall issue an order approving the merger or consolidation.

(b) If the surviving association is a foreign association, the commissioner shall issue and deliver to the surviving association a certificate of authority to do business as an association in this state for the period expiring on January 31 of the next calendar year.

(c) A surviving association that is a domestic association shall operate under:

(1) the articles and bylaws of the merging or consolidating domestic association; and

(2) the laws applicable to a domestic association.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.