reglab/housing_qa huggingface dataset:
TX Fin Code § 92.056 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.056. Corporate Name

Sec. 92.056.  CORPORATE NAME.  (a)  The name of a savings bank must include the words "State Savings Bank" or the abbreviation "SSB," preceded by one or more appropriate descriptive words approved by the commissioner.(b)  The commissioner may not approve the incorporation of a savings bank that has the same name as another financial institution authorized to do business in this state under this subtitle, Subtitle A, or Subtitle B or a name so nearly resembling the name of another financial institution as to be calculated to deceive unless the savings bank is formed:(1)  by the reincorporation, reorganization, or consolidation of the other financial institution;  or(2)  on the sale of the property or franchise of the other savings bank.(c)  A person that is not a state or federal savings bank may not do business under a name or title that:(1)  contains the words "savings bank";(2)  indicates or reasonably implies that the business being done is the type of business carried on or transacted by a savings bank;  or(3)  is calculated to lead a person to believe that the business being done is the type of business carried on or transacted by a savings bank.(d)  On application by the commissioner or a savings bank, a court may enjoin a violation of this section.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.057 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.057. Hearing on Application to Incorporate

Sec. 92.057.  HEARING ON APPLICATION TO INCORPORATE.  (a)  On the filing of a complete application to incorporate, as defined by rules adopted by the finance commission, the commissioner shall:(1)  issue public notice of the application;  and(2)  give any interested person an opportunity to appear, present evidence, and be heard for or against the application.(b)  A hearing officer designated by the commissioner shall hold the hearing.(c)  The hearing officer shall file with the commissioner a report on the hearing.  The report must:(1)  specify findings of fact on each condition described by Section 92.058;  and(2)  identify the evidence that forms the basis for those findings.(d)  A hearing is not required if:(1)  before the 11th day after the date the notice of application is published, no person has notified the commissioner in writing that the person intends to appear and present evidence at the hearing;  and(2)  the commissioner finds that the application complies with all statutory requirements for approval.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 39, eff. Sept. 1, 2001.|
TX Fin Code § 92.058 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.058. Decision on Application to Incorporate; Issuance of Certificate of Incorporation

Sec. 92.058.  DECISION ON APPLICATION TO INCORPORATE;  ISSUANCE OF CERTIFICATE OF INCORPORATION.  (a)  Not later than the 30th day after the date the hearing ends, the commissioner shall enter a final order approving or denying the application.(b)  The commissioner may approve an application to incorporate only if:(1)  the prerequisites to incorporation required by this chapter are satisfied;(2)  the character, responsibility, and general fitness of each person named in the articles of incorporation command confidence and warrant belief that:(A)  the business of the savings bank will be honestly and efficiently conducted in accordance with the intent and purpose of this subtitle;  and(B)  the savings bank will have qualified full-time management;(3)  there is a public need for the savings bank;(4)  the volume of business in the community in which the savings bank will conduct its business indicates a profitable operation is probable;  and(5)  the operation of the savings bank will not unduly harm an existing savings bank or state or federal savings and loan association.(c)  On finding that each requirement of Subsection (b) is met, the commissioner shall:(1)  enter an order approving the application and stating the findings required by Subsection (b);(2)  issue under official seal a certificate of incorporation;(3)  deliver a copy of the approved articles of incorporation and bylaws to the incorporators;  and(4)  permanently retain a copy of the articles of incorporation and bylaws.(d)  On delivery of the certificate to the incorporators, the savings bank:(1)  is a corporate body with perpetual existence unless terminated by law;  and(2)  may exercise the powers of a savings bank beginning on the date the commissioner certifies receipt of satisfactory proof that the savings bank has received, free of encumbrance, the required amount of capital.(e)  If the commissioner cannot make all findings required by Subsection (b), the commissioner shall enter a written order denying the application and stating the grounds for denial.  The commissioner by certified mail shall deliver a copy of the order to the designated representative of the incorporators.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.059 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.059. Judicial Review

Sec. 92.059.  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 § 92.060 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.060. Preference for Local Control

Sec. 92.060.  PREFERENCE FOR LOCAL CONTROL.  If more than one application to incorporate a new savings bank or establish an additional office of an existing savings bank in the same community is before the commissioner at the same time, the commissioner may give additional weight to the application of the applicant that has the greater degree of control vested in or held by residents of the community.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.061 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.061. Deadline for Commencing Business

Sec. 92.061.  DEADLINE FOR COMMENCING BUSINESS.  (a)  A savings bank shall begin business not later than the first anniversary of the date the commissioner approves the savings bank's application.(b)  On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).(c)  The commissioner may rescind the authority to operate of a savings bank that does not begin business as required by this subtitle.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.062 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.062. Amendment of Articles of Incorporation or Bylaws

Sec. 92.062.  AMENDMENT OF ARTICLES OF INCORPORATION OR BYLAWS.  (a)  A savings bank may amend its articles of incorporation or bylaws by a resolution adopted by a majority vote of those entitled to vote attending an annual meeting or a special meeting called for that purpose.(b)  An amendment may not take effect before it is filed with and approved by the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.063 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter B. Incorporation in General|Section 92.063. Change of Office or Name; Establishment of Additional Offices

Sec. 92.063.  CHANGE OF OFFICE OR NAME;  ESTABLISHMENT OF ADDITIONAL OFFICES.  (a)  Only with the prior approval of the commissioner given in accordance with rules of the finance commission may a savings bank:(1)  establish an office other than the principal office stated in the savings bank's articles of incorporation;(2)  move an office from its immediate vicinity;  or(3)  change the savings bank's name.(b)  The commissioner may permit a savings bank to establish additional offices in this state or another state in accordance with rules of the finance commission.(c)  On request, the commissioner shall give a person who might be affected by the establishment of additional offices or the change of office location or name an opportunity to be heard under Section 91.004.(d)  A savings bank may not establish or maintain a branch on the premises or property of an affiliate if the affiliate engages in commercial activities not permitted for a state savings bank or subsidiary of a state savings bank.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 40, eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 217 (H.B. 944), Sec. 3, eff. May 25, 2007.|
TX Fin Code § 92.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter C. Incorporation to Reorganize or Merge|Section 92.101. Purpose of Incorporation

Sec. 92.101.  PURPOSE OF INCORPORATION.  A person may apply to incorporate a savings bank for the purpose of:(1)  purchasing the assets, assuming the liabilities other than liability to shareholders, and continuing the business of a financial institution the commissioner considers to be in an unsafe condition;(2)  acquiring an existing financial institution by merger; or(3)  facilitating a reorganization or merger with or into a savings bank under rules adopted by the finance commission.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.04, eff. September 1, 2005.|
TX Fin Code § 92.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter C. Incorporation to Reorganize or Merge|Section 92.102. Incorporation Requirements

Sec. 92.102.  INCORPORATION REQUIREMENTS.  (a)  An application to incorporate a savings bank under this subchapter must be submitted to the commissioner.(b)  The application must include information required by the commissioner or by rule of the finance commission.(c)  The savings bank must have capital in an amount determined by the commissioner to be sufficient to carry out the purposes for which incorporation is requested.(d)  Chapter 2001, Government Code, does not apply to the application if:(1)  the commissioner considers the financial institution to be reorganized or merged to be in an unsafe condition; or(2)  the savings bank incorporated under this subchapter does not survive the merger or is facilitating the continuation of an existing savings bank corporate reorganization as defined by rules adopted by the finance commission.(e)  If the commissioner considers the financial institution to be reorganized or merged to be in an unsafe condition,  the application and all information relating to the application are confidential and not subject to public disclosure.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 41, eff. Sept. 1, 2001.Amended by: Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.05, eff. September 1, 2005.|
TX Fin Code § 92.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter C. Incorporation to Reorganize or Merge|Section 92.103. Decision on Application; Issuance of Certificate of Incorporation

Sec. 92.103.  DECISION ON APPLICATION;  ISSUANCE OF CERTIFICATE OF INCORPORATION.  (a)  The commissioner shall approve an application under this subchapter if the commissioner finds that:(1)  the business of the financial institution that is to be reorganized or merged can be effectively continued under the articles of incorporation;  and(2)  the reorganization or merger is in the best interest of the public and the savers, depositors, creditors, and shareholders of the financial institution that is to be reorganized or merged.(b)  If the commissioner approves an application under Subsection (a), the commissioner shall:(1)  state findings under that subsection in writing;  and(2)  issue a certificate of incorporation.(c)  Notwithstanding Section 92.353, the commissioner may approve an application to incorporate under this subchapter if the commissioner:(1)  considers the institution to be reorganized or merged to be in an unsafe condition;  and(2)  finds from the application and all information submitted with the application that the reorganization or merger is in the best interest of the public and the savers, depositors, creditors, and shareholders of the institution that is to be reorganized or merged.(d)  On issuance of the certificate of incorporation, the savings bank:(1)  is a corporate body and a continuation of the former institution, subject to all its liabilities, obligations, duties, and relations;  and(2)  may exercise the powers of a savings bank.(e)  In a merger, a shareholder of a capital stock financial institution has the same dissenter's rights as a shareholder of a domestic business corporation under the Texas Business Corporation Act.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.151 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.151. Organizational Meeting

Sec. 92.151.  ORGANIZATIONAL MEETING.  (a)  Not later than the 30th day after the date the corporate existence of a savings bank begins, the initial board shall hold an organizational meeting and elect officers and take other appropriate action to begin the business of the savings bank.(b)  For good cause shown, the commissioner by order may extend the deadline prescribed by Subsection (a).|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.152 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.152. Board of Directors

Sec. 92.152.  BOARD OF DIRECTORS.  (a)  A board of not fewer than five or more than 21 directors shall direct the business of a savings bank.  The members or shareholders may change the number of directors, within the prescribed limits, by resolution adopted at an annual meeting or a special meeting called for that purpose.(b)  The members or shareholders shall elect the board by a majority vote at the annual meeting.  The directors may be elected for staggered terms of longer than one year as provided by the savings bank's bylaws or articles of incorporation.(c)  The bylaws of a capital stock savings bank may require that all or a majority of the board be shareholders.(d)  A vacancy on the board is filled by the election by a majority vote of the remaining directors, regardless of whether a quorum exists, of a director to serve until the next annual meeting of members or shareholders.  The remaining directors may continue to direct the savings bank until the vacancy is filled.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.33(a), eff. Sept. 1, 1999.|
TX Fin Code § 92.153 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.153. Qualification of Directors

Sec. 92.153.  QUALIFICATION OF DIRECTORS.  (a)  A person is not qualified to be a director of a savings bank if the person:(1)  is less than 18 years of age;(2)  has been adjudicated bankrupt or convicted of a criminal offense involving dishonesty or breach of trust, unless the commissioner gives the person prior written approval to be a director;(3)  has a final judgment entered against the person for an amount of money that has remained unsatisfied or unsecured for more than six months after the date of the judgment's entry, unless:(A)  the commissioner gives the person prior written approval to be a director;  or(B)  the judgment was satisfied of record more than one year before the election date;  or(4)  is a director, officer, or employee of another savings bank, unless the commissioner gives the person prior written approval to be a director.(b)  The bylaws of a savings bank may prescribe other qualifications for a director.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.154 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.154. Officers

Sec. 92.154.  OFFICERS.  (a)  The officers of a savings bank are:(1)  a president;(2)  one or more vice presidents;(3)  a secretary;  and(4)  other officers prescribed by the bylaws.(b)  The board elects the officers by a majority vote.(c)  The managing officer must be a director.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 92.155 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.155. Conflicts of Interest

Sec. 92.155.  CONFLICTS OF INTEREST.  (a)  Except as the finance commission by rule provides, a director or officer may not:(1)  receive directly or indirectly a commission on or benefit from a loan made by the savings bank;(2)  pay for services rendered to a borrower from the savings bank in connection with a loan;(3)  direct or require a borrower on a mortgage to negotiate an insurance policy on the mortgage property through a particular insurance company;(4)  attempt to divert to a particular insurance broker the business of borrowers from the savings bank;(5)  refuse to accept an insurance policy on the mortgaged property because the policy was not negotiated through a particular insurance broker;(6)  become an obligor, including an endorser, surety, or guarantor, on a loan made by the savings bank;(7)  borrow or use, individually or as agent or partner of another, directly or indirectly, money of the savings bank;(8)  become the owner of real property on which the savings bank holds a mortgage unless the loan is fully secured by:(A)  a first-lien mortgage on property that:(i)  is to be occupied as the director's or officer's primary residence;  and(ii)  is specifically approved in writing by the board;  or(B)  a deposit maintained by the officer or director with the savings bank;  or(9)  engage in any other activity the finance commission by rule prohibits.(b)  Except as the finance commission by rule provides, a savings bank may not make a loan to a corporation in which:(1)  a director or officer of the savings bank holds stock, options, or warrants to purchase stock in the amount of five percent or more of the outstanding stock;  or(2)  the directors of the savings bank together hold stock, options, or warrants to purchase stock in the amount of five percent or more of the outstanding stock.(c)  A deposit with a banking corporation is a loan for purposes of this section.(d)  This section does not prohibit a savings bank from:(1)  making a loan to a religious corporation, club, or other membership corporation of which one or more directors or officers are members but in which they have no financial interest;  or(2)  making a loan to or purchasing a guaranteed mortgage from a stock corporation if:(A)  a director does not own more than 15 percent of the corporation's capital stock;  and(B)  the total amount of the corporation's capital stock owned by all directors of the savings bank is less than 25 percent.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 42, eff. Sept. 1, 2001.|
TX Fin Code § 92.156 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle C - Savings Banks|Chapter 92 - Organizational and Financial Requirements|Subchapter D. Administration|Section 92.156. Financial Institution Bond

Sec. 92.156.  FINANCIAL INSTITUTION BOND.  (a)  A savings bank shall maintain a financial institution bond that provides adequate coverage to protect the savings bank from loss:(1)  by or through dishonest or criminal action or omission, including fraud, theft, or misplacement, by any of the following persons:(A)  an officer or employee of the savings bank;(B)  an attorney retained by the savings bank;(C)  a nonemployee performing data processing services for the savings bank; or(D)  a director of the savings bank performing a duty of an officer or employee; or(2)  by other perils such as robbery, burglary, forgery, or alteration.(b)  A savings bank that employs a collection agent who is not covered by the bond required by Subsection (a) shall:(1)  ensure that the savings bank is included as a loss payee in the collection agent's crime coverage; and(2)  obtain a certificate of insurance evidencing the sufficiency of the collection agent's crime coverage.(c)  Subject to rules adopted under Subsection (e), the board shall, at least annually, review and approve:(1)  the coverage, including the amount of the coverage, provided by the bond and the form of the bond; and(2)  the sustainability of the corporate surety or insurer that issued the bond.(d)  The bond must provide that a cancellation or other termination by the corporate surety or insurer or by the insured is not effective until the earlier of:(1)  the date the commissioner approves; or(2)  the 30th day after the date written notice of the cancellation is given to the commissioner.(e)  The finance commission may adopt rules establishing:(1)  the coverage, including the amount of the coverage, that must be provided by the bond and the form of the bond; and (2)  the sustainability of the corporate surety or insurer that issues the bond.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.06, eff. September 1, 2005.Acts 2017, 85th Leg., R.S., Ch. 165 (H.B. 2579), Sec. 1, eff. September 1, 2017.|