Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 6 - CHANGE OF CONTROL › Section 60.161 - Acquisition of a Savings Association

Current through Reg. 49, No. 28; July 12, 2024
The following procedures must be followed when a person
						desires to obtain control of a savings association (including change of control
						of a savings association holding company).
(1) No person other than the issuer may make
					 a public tender offer for, solicitation or a request or invitation for tenders
					 of, or enter into and consummate any agreement to exchange securities for, seek
					 to acquire, or acquire in the open market or by means of a privately negotiated
					 agreement or contract, any voting security or any security convertible into a
					 voting security of a savings association if, after the consummation thereof,
					 such person would directly or indirectly, or by conversion or by exercise of
					 any right to acquire, be in control of such savings association, unless such
					 person has filed with the Commissioner all of the following information on an
					 application form approved by the Commissioner and which application form is
					 deemed by the Commissioner to be complete and has received a written order from
					 the Commissioner approving such acquisition or change of control:
(A) the background and identity of the
					 applicant, if such applicant and any affiliate is an individual, or all
					 individuals who are directors, executive officers, or owners of 10% or more of
					 the voting securities of the applicant if the applicant is not an individual.
					 Such filing must contain the following information:
(i) name and address;
(ii) present principal business activity,
					 occupation, or employment including position and office held and the name,
					 principal business, and address of any corporation or other organization in
					 which such employment is carried on;
(iii) material occupations, positions,
					 offices, or employments previously held by the individual, giving the starting
					 and ending dates of each and the name, principal business, and address of any
					 business corporation or other organization in which each such occupation,
					 position, office, or employment was carried on, indicating if any such
					 occupation, position, office, or employment required licensing by or
					 registration with any federal, state, or municipal governmental
					 agency;
(iv) whether such
					 individual is presently charged with or has ever been convicted of a violation
					 of law in a criminal proceeding (excluding minor traffic violations) and, if
					 so, giving the date, nature of conviction, name and location of the court, and
					 penalty imposed or other disposition of the case;
(v) whether such individual has been or is a
					 party to any federal, state, or municipal court lawsuit in which such
					 individual is or was alleged to have violated any federal or state statutes or
					 regulations, and, if so, giving the date, style of the suit, case number, court
					 location, and disposition of the suit;
(vi) whether any such individual has been or
					 is a party to any federal, state, or municipal governmental agency
					 administrative actions in which such individual was or is alleged to be in
					 violation of any governmental agency statute or regulation, and if so, giving
					 the date, nature of the action, name and location of the governmental agency,
					 and disposition of the case; and any other relevant information requested by
					 the Commissioner;