1-1 AN ACT
1-2 relating to the merger, consolidation, or conversion of a federal
1-3 savings bank or savings association into a domestic or foreign
1-4 savings bank or savings association.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 1.03(13), Texas Savings Bank Act (Article
1-7 489e, Vernon's Texas Civil Statutes), is amended to read as
1-8 follows:
1-9 (13) "Federal savings bank" means a savings bank
1-10 incorporated under the laws of the United States [whose principal
1-11 business office is located in this state].
1-12 SECTION 2. Section 11.06, Texas Savings Bank Act (Article
1-13 489e, Vernon's Texas Civil Statutes), is amended to read as
1-14 follows:
1-15 Sec. 11.06. FEDERAL SAVINGS BANKS. (a) A federal savings
1-16 bank is not a foreign corporation or foreign savings bank. Unless
1-17 federal laws or regulations provide otherwise, a federal savings
1-18 bank and the members of a federal savings bank have all of the
1-19 rights, powers, privileges, benefits, immunities, and exemptions
1-20 that are provided by this Act and other laws of this state relating
1-21 to a savings bank or its members. This provision is in addition to
1-22 and supplemental to any provision of this Act which by specific
1-23 reference is applicable to a federal savings bank and its members.
1-24 (b) A federal savings bank that has been merged,
2-1 consolidated, or converted into a domestic or foreign savings bank
2-2 or association is entitled to retain any duly authorized offices
2-3 under the terms provided for a foreign savings bank under Section
2-4 11.07 of this Act.
2-5 SECTION 3. Section 1.03(9), Texas Savings and Loan Act
2-6 (Article 852a, Vernon's Texas Civil Statutes), is amended to read
2-7 as follows:
2-8 (9) "Federal association" means a savings and loan
2-9 association incorporated under the Home Owner's Loan Act of 1933[,
2-10 whose principal business office is located in this state].
2-11 SECTION 4. Chapter 10, Texas Savings and Loan Act (Article
2-12 852a, Vernon's Texas Civil Statutes), is amended by adding Section
2-13 10.05 to read as follows:
2-14 Sec. 10.05. FEDERAL ASSOCIATIONS. A federal association
2-15 that has been merged, consolidated, or converted into a domestic or
2-16 foreign savings bank or association is entitled to retain any duly
2-17 authorized offices under the terms provided for a foreign savings
2-18 bank under Section 11.07, Texas Savings Bank Act (Article 489e,
2-19 Vernon's Texas Civil Statutes).
2-20 SECTION 5. The importance of this legislation and the
2-21 crowded condition of the calendars in both houses create an
2-22 emergency and an imperative public necessity that the
2-23 constitutional rule requiring bills to be read on three several
2-24 days in each house be suspended, and this rule is hereby suspended,
2-25 and that this Act take effect and be in force from and after its
2-26 passage, and it is so enacted.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3077 was passed by the House on April
25, 1997, by a non-record vote.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 3077 was passed by the Senate on May
26, 1997, by the following vote: Yeas 31, Nays 0.
_______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor