2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle F - Trust Companies › Chapter 183 - Ownership and Management of State Trust Company › Subchapter A. Transfer of Ownership Interest › Section 183.002. Application Regarding Acquisition of Control

Sec. 183.002.  APPLICATION REGARDING ACQUISITION OF CONTROL.  (a)  The transferee in an acquisition of control of a state trust company or of a person that controls a state trust company must file an application for approval of the acquisition.  The application must:
(1)  be under oath and on a form prescribed by the banking commissioner;
(2)  contain all information that:
(A)  is required by rules adopted under this subtitle;  or
(B)  the banking commissioner requires in a particular application as necessary to an informed decision to approve or reject the acquisition;  and
(3)  be accompanied by any filing fee required by statute or rule.
(b)  If a person proposing to acquire voting securities in a transaction subject to this section includes a group of persons acting in concert, the information required by the banking commissioner may be required of each member of the group.
(c)  Rules adopted under this subtitle may specify the confidential or nonconfidential character of information obtained by the banking commissioner under this section.  In the absence of rules, information  obtained by the banking commissioner under this section is confidential and may not be disclosed by the banking commissioner or any employee of the department except as provided by Subchapter D, Chapter 181.
(d)  The applicant shall publish notice of the application, its date of filing, the identity of each applicant, and, if the applicant includes a group, the identity of each group member.  The notice must be published in the form and frequency specified by the banking commissioner and in a newspaper of general circulation in the county where the state trust company's home office is located, or in another publication or location as directed by the banking commissioner.
(e)  The applicant may defer publication of the notice until not later than the 34th day after the date the application is filed if:
(1)  the application is filed in contemplation of a public tender offer subject to 15 U.S.C. Section 78n(d)(1);
(2)  the applicant requests confidential treatment and represents that a public announcement of the tender offer and the filing of appropriate forms with the Securities and Exchange Commission or the appropriate federal banking agency, as applicable, will occur within the period of deferral;  and
(3)  the banking commissioner determines that the public interest will not be harmed by the requested confidential treatment.
(f)  The banking commissioner may waive the requirement that a notice be published or permit delayed publication on a determination that waiver or delay is in the public interest.  If publication of notice is waived under this subsection, the information that would be contained in a published notice becomes public information under Chapter 552, Government Code, on the 35th day after the date the application is filed.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.08, eff. Sept. 1, 2001.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 735 (H.B. 2754), Sec. 17, eff. September 1, 2007.