By Oliveira                                     H.B. No. 3077

      75R9033 CLG-F                           

                                A BILL TO BE ENTITLED

 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 11.06, Texas Savings Bank Act (Article

 1-7     489e, Vernon's Texas Civil Statutes), is amended to read as

 1-8     follows:

 1-9           Sec. 11.06.  FEDERAL SAVINGS BANKS.  (a)  A federal savings

1-10     bank is not a foreign corporation or foreign savings bank.  Unless

1-11     federal laws or regulations provide otherwise, a federal savings

1-12     bank and the members of a federal savings bank have all of the

1-13     rights, powers, privileges, benefits, immunities, and exemptions

1-14     that are provided by this Act and other laws of this state relating

1-15     to a savings bank or its members.  This provision is in addition to

1-16     and supplemental to any provision of this Act which by specific

1-17     reference is applicable to a federal savings bank and its members.

1-18           (b)  A federal savings bank that has been merged,

1-19     consolidated, or converted into a domestic or foreign savings bank

1-20     or association:

1-21                 (1)  is entitled to retain an office in this state

1-22     under the terms provided for a foreign savings bank under Section

1-23     11.07 of this Act; and

1-24                 (2)  has all the rights, powers, privileges, benefits,

 2-1     immunities, and exemptions that are provided by this Act and other

 2-2     laws of this state relating to a savings bank or its members.

 2-3           SECTION 2.  Chapter 10, Texas Savings and Loan Act (Article

 2-4     852a, Vernon's Texas Civil Statutes), is amended by adding Section

 2-5     10.05 to read as follows:

 2-6           Sec. 10.05.  FEDERAL ASSOCIATIONS.  A federal association

 2-7     that has been merged, consolidated, or converted into a domestic or

 2-8     foreign savings bank or association is entitled to retain an office

 2-9     in this state under the terms provided for a foreign savings bank

2-10     under Section 11.07 of the Texas Savings Bank Act (Article 489e,

2-11     Vernon's Texas Civil Statutes).

2-12           SECTION 3.  The importance of this legislation and the

2-13     crowded condition of the calendars in both houses create an

2-14     emergency and an imperative public necessity that the

2-15     constitutional rule requiring bills to be read on three several

2-16     days in each house be suspended, and this rule is hereby suspended,

2-17     and that this Act take effect and be in force from and after its

2-18     passage, and it is so enacted.