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Senate Bill 804 |
Senate Author: Carona |
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Effective: 6-14-13 |
House Sponsor: Flynn |
Senate Bill 804 amends the Finance Code to update language in certain provisions relating to banks and trust companies in order to conform to synonymous terminology and phrasing in the Business Organizations Code. The bill clarifies the authorization for two or more trust institutions, corporations, or other entities with the authority to participate in a merger to adopt and implement a merger plan contingent on at least one of the entities being a state trust company, but prohibits the merger from being made without the prior written approval of the banking commissioner of Texas if any surviving, new, or acquiring entity that is a party to the merger or is created by the terms of the merger is a state trust company or is not a trust institution.