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Texas Finance Code - FIN § 62.251. Application to Convert

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

(a) A federal association or state or national bank may convert to an association if the conversion is approved by a majority vote of the members or shareholders of the federal association or state or national bank cast at an annual meeting or a special meeting called to consider the conversion.

(b) The application to convert must:

(1) be filed in the office of the commissioner and with the appropriate banking agency not later than the 10th day after the date of the meeting;  and

(2) include a copy of the minutes of the meeting, sworn to by the secretary or an assistant secretary.

(c) The copy of the minutes filed under Subsection (b) is presumptive evidence that the meeting was held and the conversion was approved.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 62.251. Application to Convert - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-62-251/

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