Texas Finance Code 92.559 – Unauthorized Change of Control
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 92.559
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
If it appears that a change in control may have occurred without prior approval, the commissioner may call a hearing to determine whether:
(1) a change in control has occurred or an unauthorized person without any apparent ownership interest in the savings bank, acting alone or with others, effectively has indirect controlling or dominating influence over the management or policies of the savings bank; and
(2) an appropriate supervisory order should be issued, including an order requiring divestiture of unapproved or indirect control.