Tex. Fin. Code § 97.053 · Subchapter B. MUTUAL HOLDING COMPANIES
PLAN OF REORGANIZATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The plan of reorganization must provide that:
(1) a subsidiary savings bank shall:
(A) be incorporated under Subchapter B, Chapter 92; or
(B) on prior approval of the commissioner, be incorporated under Subchapter C, Chapter 92;
(2) the savings bank shall transfer a substantial part of its assets to the subsidiary savings bank, and the subsidiary savings bank shall assume a substantial part of the savings bank's liabilities, including all depository liabilities;
(3) as a result of the reorganization, the mutual holding company must hold more than 50 percent of the stock of the subsidiary savings bank; and
(4) after transfer and assumption, persons with prior corresponding rights as depositors or creditors against a savings bank have the same rights with respect to the mutual holding company and the subsidiary savings bank.
(b) The plan of reorganization must set forth the necessary corporate steps for the savings bank to reorganize into a mutual holding company, including:
(1) all required charter amendments; and
(2) a description of the corporate management of the reorganized mutual holding company.
(c) The plan of reorganization may contain any other provision not inconsistent with law or finance commission rules.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.97.htm
- Text hash
- sha256 96da1ca42914a4aca03f1fc578d7713d1b5df8c2377e004e2787bbd04be68b5f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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