Tex. Finance Code § 62.253
This is the official text of Tex. Finance Code § 62.253, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 62.253. REVIEW BY COMMISSIONER; APPROVAL.
Official statutory text
(a) On receipt of an application, the commissioner shall order an examination of the entity to be converted.
(b) If the commissioner finds the entity is in sound condition, the commissioner shall:
(1) approve the conversion; and
(2) insert in the certificate of incorporation, at the end of the paragraph preceding the testimonium clause, the statement "This association is incorporated by conversion from __________ (a federal savings and loan association, state bank, or national bank, as applicable)."
(b) If the commissioner finds the entity is in sound condition, the commissioner shall:
(1) approve the conversion; and
(2) insert in the certificate of incorporation, at the end of the paragraph preceding the testimonium clause, the statement "This association is incorporated by conversion from __________ (a federal savings and loan association, state bank, or national bank, as applicable)."
Status: in_force · Read it on the official government site
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