Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) An association may convert to a state or national bank or state or federal savings bank if a resolution favoring the conversion is adopted by a majority vote of the members or shareholders of the association who are entitled to vote 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 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 resolution was adopted.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 62.302. Application to Convert to State or National Bank or State or Federal Savings Bank - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-62-302/
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