Tex. Finance Code § 62.351
AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 62.351, AUTHORITY TO REORGANIZE, MERGE, OR CONSOLIDATE, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645360
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Full text
(a) An association may reorganize, merge, or consolidate with another association, federal association, foreign association, state or national bank, or state or federal savings bank under a plan adopted by the board.
(b) The plan must be approved:
(1) at an annual meeting or a special meeting called to consider the action by a majority of the total vote the members or shareholders are entitled to cast; and
(2) by the commissioner.
(c) A shareholder of a capital stock association has the same dissenter's rights as a shareholder of a domestic corporation under the Texas Business Corporation Act.
(d) A merger or consolidation of a domestic association with a foreign association is also subject to Subchapter I.