80th Texas Legislature, Regular Session, House Bill 2754, Chapter 735 Page: 7 of 25
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27H.B. No. 2754
SECTION 5. Section 32.401, Finance Code, is amended to read
as follows:
Sec. 32.401. AUTHORITY TO PURCHASE ASSETS [OF ANOTHER
Th ALT T T~ITTUTIN] . (a) A state bank [it; h the~ -rr . ~Yitten
approval --of the baking ommisicioner ] may purchase [L.1-
cu btti y l of thke] assets from [sf] another financial
institution or other seller, except that the prior written approval
of the banking commissioner is required if the purchase price
exceeds an amount equal to three times the bank's unimpaired
capital and surplus. The finance commission by rule may require a
state bank to obtain the prior written approval of the banking
commissioner for a transaction not otherwise subject to approval
that involves potentially substantial risks to the safety and
soundness of the purchasing bank.
(b) Except as otherwise expressly provided by another
statute, the purchase of all or part of the assets of the selling
entity [institution] does not make the purchasing bank responsible
for any liability or obligation of the selling entity [institution]
that the purchasing bank does not expressly assume.
of ll or pa:rt of the-assets of a. corpo:ration. o:r thr:: ::etity tha.t is
SECTION 6. Section 32.405, Finance Code, is amended to read
as follows:
Sec. 32.405. SALE OF ASSETS. (a) A state bank may sell a
portion of its assets to another financial institution or other
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Texas. Legislature. House of Representatives. 80th Texas Legislature, Regular Session, House Bill 2754, Chapter 735, legislative document, 2007-05/2007-06; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth155105/m1/7/?rotate=270: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.