80th Texas Legislature, Regular Session, House Bill 2754, Chapter 735 Page: 8 of 25
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H.B. No. 2754
1 buyer, except that the prior written approval of the banking
2 commissioner is required if the sales price exceeds an amount equal
3 to three times the bank's unimpaired capital and surplus. The
4 finance commission by rule may require a state bank to obtain the
5 prior written approval of the banking commissioner for a
6 transaction not otherwise subject to approval that involves
7 potentially substantial risks to the safety and soundness of the
8 selling bank.
9 (b) If the prior approval of the banking commissioner for a
10 sale of assets is not required under Subsection (a) and the sale
11 involves the disposition of a branch office or another established
12 location of the state bank, the state bank must provide written
13 notice of the transaction to the banking commissioner at least 30
14 days before the expected closing date of the transaction.
15 (c) The board of a state bank, with the prior written
16 approval of the banking commissioner, may cause the bank to sell all
17 or substantially all of its assets without shareholder or
18 participant approval if:
19 (1) the banking commissioner finds the interests of
20 depositors and creditors are jeopardized because of insolvency or
21 imminent insolvency and that the sale is in their best interest; and
22 (2) the Federal Deposit Insurance Corporation or its
23 successor approves the transaction and agrees to provide assistance
24 to the prospective buyer under 12 U.S.C. Section 1823(c) or a
25 comparable law unless the deposits of the bank are not insured.
26 (d) [b-)] A sale under Subsection (c) [thic- cccticn] must
27 include an assumption and promise by the buyer to pay or otherwise
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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/m1/8/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.