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Texas Finance Code - FIN § 32.006. Issuance of Certificate of Authority

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

A state bank may not engage in the business of banking until it receives a certificate of authority from the banking commissioner.  The banking commissioner may not deliver the certificate of authority until the bank has:

(1) received cash for the issuance of all authorized shares in the full amount subscribed;

(2) elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the banking commissioner;  and

(3) complied with all the other requirements of this subtitle relating to the organization of state banks.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 32.006. Issuance of Certificate of Authority - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-32-006/

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