Texas Finance Code - FIN § 92.058. Decision on Application to Incorporate;  Issuance of Certificate of Incorporation

(1) the prerequisites to incorporation required by this chapter are satisfied;

(2) the character, responsibility, and general fitness of each person named in the articles of incorporation command confidence and warrant belief that:

(3) there is a public need for the savings bank;

(4) the volume of business in the community in which the savings bank will conduct its business indicates a profitable operation is probable;  and

(5) the operation of the savings bank will not unduly harm an existing savings bank or state or federal savings and loan association.

(1) enter an order approving the application and stating the findings required by Subsection (b);

(2) issue under official seal a certificate of incorporation;

(3) deliver a copy of the approved articles of incorporation and bylaws to the incorporators;  and

(4) permanently retain a copy of the articles of incorporation and bylaws.

(1) is a corporate body with perpetual existence unless terminated by law;  and

(2) may exercise the powers of a savings bank beginning on the date the commissioner certifies receipt of satisfactory proof that the savings bank has received, free of encumbrance, the required amount of capital.