reglab/housing_qa huggingface dataset:
TX Fin Code § 92.502 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter K. Voluntary Liquidation|Section 92.502. Distribution of Assets

Sec. 92.502.  DISTRIBUTION OF ASSETS.  (a)  The board, under the commissioner's supervision and in accordance with the approved liquidation plan, shall liquidate the affairs of the savings bank and reduce its assets to cash for the purpose of paying, satisfying, and discharging all existing liabilities and obligations of the savings bank, including the full withdrawal value of all deposit accounts.(b)  The board shall distribute any remaining balance to the members or shareholders of record on the date the savings bank adopted the resolution to liquidate, according to their liquidation rights.(c)  The board shall pay from the savings bank's assets all expenses incurred by the commissioner or any of the commissioner's representatives during the course of liquidation.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.503 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter K. Voluntary Liquidation|Section 92.503. Final Report and Accounting

Sec. 92.503.  FINAL REPORT AND ACCOUNTING.  (a)  On completion of the liquidation, the board shall file with the commissioner a final report and accounting of the liquidation.(b)  The commissioner's approval of the report is a complete and final discharge of the board and each member in connection with the liquidation of the savings bank.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.551 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.551. Inapplicability of Subchapter

Sec. 92.551.  INAPPLICABILITY OF SUBCHAPTER.  This subchapter does not apply to a conversion, reorganization, merger, consolidation, or voluntary liquidation under Subchapter F, G, H, J, or K.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.552 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.552. Effect of Subchapter on Other Law

Sec. 92.552.  EFFECT OF SUBCHAPTER ON OTHER LAW.  This subchapter does not:(1)  excuse or diminish notice requirements prescribed by this subtitle;  or(2)  prevent the commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities of a savings bank that the commissioner considers to be against the public interest, regardless of whether the transfer is subject to this subchapter.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.553 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.553. Application for Change of Control

Sec. 92.553.  APPLICATION FOR CHANGE OF CONTROL.  (a)  Control of a savings bank may change only if an application for approval of the change of control is filed with and approved by the commissioner.(b)  The application must be:(1)  on a form prescribed by the commissioner;(2)  sworn to;  and(3)  accompanied by the filing fee.(c)  Unless the commissioner expressly waives a requirement of this subsection, the application must contain:(1)  the identity, history, business background and experience, and financial condition of each person by whom or on whose behalf the acquisition is to be made, including a description of:(A)  the managerial resources and future prospects of each acquiring party;  and(B)  any material pending legal or administrative proceedings to which the applicant is a party;(2)  the terms of any proposed acquisition and the manner in which the acquisition is to be made;(3)  the identity, source, and amount of the money or other consideration used or to be used in making the acquisition and, if any part of the money or other consideration was or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and arrangements, agreements, or understandings with those parties;(4)  any plan or proposal of an acquiring party to liquidate the savings bank, sell the savings bank's assets, merge the savings bank with another company, or make other major changes in the savings bank's business, corporate structure, or management;(5)  the terms of any offer, invitation, agreement, or arrangement under which a voting security of the savings bank will be acquired and any contract affecting that security or its financing after it is acquired;(6)  information establishing that the requirements under Section 92.556(a) are satisfied;  and(7)  other information that:(A)  the finance commission by rule requires;  or(B)  the commissioner orders to be included in a particular application.(d)  The commissioner may require each member of a group proposing to acquire voting securities of a savings bank under this subchapter to provide the information required by the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 48, eff. Sept. 1, 2001.|
TX Fin Code § 92.554 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.554. Notice of Application

Sec. 92.554.  NOTICE OF APPLICATION.  (a)  On receipt of an application, the commissioner shall submit to the Texas Register for publication in the next issue after the date the application is received or publish in a newspaper of general circulation that is printed in English in the county in which the savings bank is to have the savings bank's principal office:(1)  notice of the application;(2)  the date the application was filed; and(3)  the identity of each party to the application.(b)  The commissioner may waive the publication requirement of this section or may permit delay of publication if the commissioner determines that the waiver or delay is in the public interest.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 1, eff. September 1, 2021.|
TX Fin Code § 92.555 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.555. Confidentiality

Sec. 92.555.  CONFIDENTIALITY.  (a)  Except as provided by this section, information the commissioner obtains under this subchapter that is not published is confidential and may not be disclosed by the commissioner or an officer or employee of the Department of Savings and Mortgage Lending.(b)  Information that would have been contained in a published notice waived by the commissioner under Section 92.554 becomes public information under Chapter 552, Government Code, on the 34th day after the date the application is filed.(c)  On request, the commissioner may disclose the identity of an actual or beneficial owner of a savings bank incorporated under this subtitle.(d)  The commissioner may disclose information to an appropriate banking agency or another appropriate government department, agency, or instrumentality of this state, another state, or the United States if the commissioner considers the disclosure necessary or proper to enforce the laws of any state or the United States and in the best interest of the public.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.038, eff. September 1, 2007.|
TX Fin Code § 92.556 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.556. Denial of Application

Sec. 92.556.  DENIAL OF APPLICATION.  (a)  The commissioner by order shall deny an application unless the applicant establishes that:(1)  the acquisition would not:(A)  substantially lessen competition;(B)  restrain trade in a manner that would result in a monopoly;  or(C)  further a combination or conspiracy to monopolize or attempt to monopolize the financial industry in any part of this state;(2)  the financial condition of an acquiring party does not jeopardize the financial stability of the savings bank being acquired;(3)  the plan or proposal to liquidate or sell the savings bank or any assets is in the best interest of the savings bank;(4)  the experience, ability, standing, competence, trustworthiness, and integrity of the applicant are sufficient to ensure that the acquisition is in the best interest of the savings bank;  and(5)  the savings bank would be solvent, have adequate capital structure, and be in compliance with the law of this state.(b)  The commissioner is not required to deny an application that does not comply with Subsection (a)(1) if the commissioner determines that:(1)  the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served;  and(2)  the acquisition does not violate a law of this state or the United States.(c)  Notwithstanding Subsections (a) and (b), the commissioner shall issue an order denying an application if the commissioner determines that the applicant:(1)  has not furnished all information pertinent to the application reasonably requested by the commissioner;  or(2)  is not acting in good faith.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.557 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.557. Notice of Intent to Deny; Hearing

Sec. 92.557.  NOTICE OF INTENT TO DENY;  HEARING.  (a)  Not later than the 60th day after the date the application is filed, the commissioner shall:(1)  approve the application without a hearing;  or(2)  notify the transferee in writing that the commissioner intends to deny the application and state the grounds for denial.(b)  Not later than the 30th day after the date notice of intent to deny is mailed to the transferee, the transferee may file a written request for a hearing on the application.(c)  The commissioner may immediately enter a final and nonappealable order denying the application if a hearing is not timely requested.(d)  If a hearing is to be held, the commissioner shall issue public notice of the application and shall give any interested person an opportunity to appear, present evidence, and be heard for or against the application.  A hearing officer designated by the commissioner shall hold the hearing.(e)  After the hearing, the commissioner shall enter a final order approving or denying the application.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.558 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.558. Judicial Review

Sec. 92.558.  JUDICIAL REVIEW.  (a)  An applicant may appeal a final order with the commissioner as defendant.(b)  A party to the action may appeal the court's decision.  The appeal is immediately returnable to the appellate court and has precedence over any cause of a different character pending in that court.(c)  The commissioner is not required to give an appeal bond in a cause arising under this section.(d)  Filing an appeal under this section does not stay an order of the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.559 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.559. Unauthorized Change of Control

Sec. 92.559.  UNAUTHORIZED CHANGE OF CONTROL.  If it appears that a change in control may have occurred without prior approval, the commissioner may call a hearing to determine whether:(1)  a change in control has occurred or an unauthorized person without any apparent ownership interest in the savings bank, acting alone or with others, effectively has indirect controlling or dominating influence over the management or policies of the savings bank;  and(2)  an appropriate supervisory order should be issued, including an order requiring divestiture of unapproved or indirect control.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.560 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.560. Injunction

Sec. 92.560.  INJUNCTION.  (a)  The attorney general on behalf of the commissioner may apply for equitable relief as the case may require, including an order prohibiting the violation, if it appears to the commissioner that a person has violated or is about to violate this subchapter or a rule of the finance commission or order of the commissioner adopted under this subchapter.(b)  The suit must be brought in a district court of Travis County.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 49, eff. Sept. 1, 2001.|
TX Fin Code § 92.561 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter L. Change of Control of Savings Bank|Section 92.561. Criminal Penalty

Sec. 92.561.  CRIMINAL PENALTY.  (a)  A person commits an offense if the person intentionally makes a materially false or misleading statement to the commissioner with respect to the information required by this subchapter.(b)  An offense under this section is a Class A misdemeanor.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.601 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.601. Application to Organize

Sec. 92.601.  APPLICATION TO ORGANIZE.  (a)  Five or more adult residents of this state may apply to organize a savings bank as a limited savings bank by submitting to the commissioner:(1)  an application to organize a limited savings bank that is:(A)  in a form specified by the commissioner; and(B)  signed by each organizer; and(2)  the filing fee.(b)  An application must contain:(1)  two copies of the limited savings bank's certificate of formation containing:(A)  the name of the savings bank;(B)  the location of the principal office;(C)  the names and addresses of the initial managers; and(D)  to the extent not inconsistent with this subtitle, the proper business of a savings bank, or a rule adopted by the finance commission related to savings banks, other provisions included in:(i)  the articles of organization of a limited liability company organized under the Texas Limited Liability Company Act (Article 1528n, Vernon's Texas Civil Statutes) if the limited savings bank was organized before January 1, 2006; or(ii)  the certificate of formation of a limited liability company organized under Chapter 101, Business Organizations Code, if:(a)  the limited savings bank was organized on or after January 1, 2006; or(b)  the organizers elect to include those provisions, if the limited savings bank was organized before January 1, 2006;(2)  two copies of the savings bank's company agreement;(3)  data sufficiently detailed and comprehensive in nature to enable the commissioner to make findings under Section 92.058, including statements, exhibits, and maps;(4)  financial information about each applicant, organizer, manager, officer, or member that the finance commission requires by rule; and(5)  other information relating to the savings bank and its operation that the finance commission requires by rule.(c)  Financial information described by Subsection (b) is confidential and not subject to public disclosure unless the commissioner finds that disclosure is necessary and in the public interest.(d)  The statement of fact must be signed and sworn to.(e)  Subchapter B applies to the organization of a limited savings bank except to the extent inconsistent with this section.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.602 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.602. Liability of Members and Managers

Sec. 92.602.  LIABILITY OF MEMBERS AND MANAGERS.  A member, transferee of a member, or manager of a limited savings bank is not liable for a debt, obligation, or liability of the limited savings bank, including a debt, obligation, or liability under a judgment, decree, or order of a court.  A member or a manager of a limited savings bank is not a proper party to a proceeding by or against a limited savings bank unless the object of the proceeding is to enforce a member's or manager's right against or liability to a limited savings bank.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.603 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.603. Contributions

Sec. 92.603.  CONTRIBUTIONS.  A member of a limited savings bank is obligated to make contributions as required in the company agreement.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.604 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.604. Managers of Limited Savings Bank

Sec. 92.604.  MANAGERS OF LIMITED SAVINGS BANK.  (a)  Management of a limited savings bank shall be exercised by a board of managers consisting of not fewer than five or more than 21 persons.(b)  A  manager must meet the qualifications for a director under Section 92.153.(c)  The governing documents of a limited savings bank may use "director" instead of "manager" and "board" instead of "board of managers."|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.605 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.605. Withdrawal or Reduction of Member's Contribution

Sec. 92.605.  WITHDRAWAL OR REDUCTION OF MEMBER'S CONTRIBUTION.  (a)  A member may not receive from a limited savings bank any part of the member's contribution except as provided by rule adopted by the finance commission regulating withdrawal or reduction.(b)  A member may not receive any part of the member's contribution if, after the withdrawal or reduction, the capital of the savings bank would be reduced to less than the minimum capital established for the incorporation or operation of a savings bank by this subtitle or a rule adopted under this subtitle.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.606 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.606. Company Agreement of Limited Savings Bank

Sec. 92.606.  COMPANY AGREEMENT OF LIMITED SAVINGS BANK.  (a)  A limited savings bank shall adopt a company agreement that contains provisions regulating the management and organization of the limited savings bank.  The agreement is subject to the approval of the commissioner and must contain provisions the finance commission may require by a rule adopted under this subchapter.(b)  At the option of the limited savings bank, the term "bylaws" may be substituted for the term "company agreement."|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.607 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.607. Dissolution

Sec. 92.607.  DISSOLUTION.  (a)  A limited savings bank organized under this subchapter is dissolved on:(1)  the expiration of the period fixed for the duration of the limited savings bank; or(2)  the occurrence of events specified in the certificate of formation or company agreement to cause dissolution.(b)  A dissolution under this section is considered a resolution to close the savings bank under Section 96.251.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.608 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.608. Allocation of Profits and Losses

Sec. 92.608.  ALLOCATION OF PROFITS AND LOSSES.  The profits and losses of a limited savings bank may be allocated among the members and among classes of members as provided by the company agreement.  Without the prior written approval of the commissioner to use a different allocation method, the profits and losses must be allocated according to the relative interests of the members in the limited savings bank.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|
TX Fin Code § 92.609 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter M. Limited Savings Bank|Section 92.609. Distributions

Sec. 92.609.  DISTRIBUTIONS.  Subject to rules adopted by the finance commission, distributions of cash or other assets of a limited savings bank may be made to the members as provided by the company agreement.  Without the prior written approval of the commissioner to use a different distribution method, distributions must be made to the members according to the relative interests of the members as reflected in the governing documents of the limited savings bank filed with and approved by the commissioner.|Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.|