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Texas Finance Code - FIN § 182.302. Merger Application;  Grounds for Approval

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) To apply for approval of a merger, the parties must submit the original certificate of merger, a number of copies of the certificate of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the banking commissioner.  The banking commissioner may require the submission of additional information as considered necessary to an informed decision.

(b) The banking commissioner shall investigate the condition of the merging parties.

(c) The banking commissioner may approve the merger if:

(1) each resulting state trust company:

(A) has complied with the statutes and rules relating to the organization of a state trust company;  and

(B) will be solvent and have adequate capitalization for its business and location;

(2) all obligations and liabilities of each trust company that is a party to the merger have been properly discharged or otherwise lawfully assumed or retained by a trust institution or other fiduciary;

(3) each surviving, new, or acquiring person that is not authorized to engage in the trust business will not engage in the trust business and has complied with the laws of this state;  and

(4) all conditions imposed by the banking commissioner have been satisfied or otherwise resolved.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 182.302. Merger Application;  Grounds for Approval - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-182-302/

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