Section 75.143 - Reorganization, Merger or Conversion by a Savings Bank to Another Financial Institution Charter(a) A savings bank is authorized to reorganize, merge, or convert into another type of financial institution charter subject to applicable law and regulation relating to the type of charter which will be held by the resulting institution.(b) The Commissioner must be given written notice of the intention of the savings bank to reorganize, merge, or convert no less than 30 days prior to the proposed transaction.(c) The savings bank must file with the Commissioner:(1) a copy of the application filed with the appropriate banking agency having jurisdiction over the surviving financial institution;(2) a certified copy of all minutes of meetings of the board, shareholders, or members;(3) a publisher's certificate certifying the publication of the notice required to be published by the appropriate banking agency; and(4) evidence to ensure that no undue harm will be caused to the public interest or to any other existing financial institution.(d) The Commissioner is deemed to have consented to the reorganization, merger or conversion into another type of financial institution charter at the time the Department notifies the savings bank that the filing made in accordance with this section is complete and has been accepted for filing as provided by § 75.101 of this title (relating to Application Filing Requirements). Upon compliance with the provisions of this section and the granting of a successor charter by the appropriate banking agency, a copy of which must be filed with the Commissioner, the savings bank receiving the new charter ceases to exist as a savings bank and will no longer be subject to the jurisdiction of the Commissioner. The foregoing notwithstanding, the Commissioner must receive the original charter certificate or a certified affidavit of lost certificate in order to be released from the requirement to pay annual assessments as provided by § 75.251 of this title (relating to Annual Assessments.)7 Tex. Admin. Code § 75.143
Adopted by Texas Register, Volume 47, Number 45, November 11, 2022, TexReg 7542, eff. 11/20/2022