7 TAC § 60.321. Investment in and Divestiture of Subsidiaries, DIVISION 2. SUBSIDIARIES
TexasRegulations
Ask Donna
How this section applies to your facts.
Texas Administrative Code › Title 7 BANKING AND SECURITIES › Part 4 DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 SAVINGS ASSOCIATIONS › 7 TAC § 60.321
Text
(a) A savings association may, only after prior written approval of the Commissioner, invest in a subsidiary.
(b) Subsequent to obtaining approval for its initial investment and activity, a subsidiary may not engage in additional or substitute activities without the prior written approval of the Commissioner.
(c) A savings association may, with prior written approval of the Commissioner, divest itself of a subsidiary or merge or consolidate the subsidiary with another company if the Commissioner finds that the terms and conditions of the transaction are in the best interests of the savings association.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.