1-1 By: Oliveira (Senate Sponsor - Sibley) H.B. No. 3077
1-2 (In the Senate - Received from the House April 27, 1997;
1-3 April 29, 1997, read first time and referred to Committee on
1-4 Economic Development; May 18, 1997, reported favorably by the
1-5 following vote: Yeas 11, Nays 0; May 18, 1997, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the merger, consolidation, or conversion of a federal
1-9 savings bank or savings association into a domestic or foreign
1-10 savings bank or savings association.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 1.03(13), Texas Savings Bank Act (Article
1-13 489e, Vernon's Texas Civil Statutes), is amended to read as
1-14 follows:
1-15 (13) "Federal savings bank" means a savings bank
1-16 incorporated under the laws of the United States [whose principal
1-17 business office is located in this state].
1-18 SECTION 2. Section 11.06, Texas Savings Bank Act (Article
1-19 489e, Vernon's Texas Civil Statutes), is amended to read as
1-20 follows:
1-21 Sec. 11.06. FEDERAL SAVINGS BANKS. (a) A federal savings
1-22 bank is not a foreign corporation or foreign savings bank. Unless
1-23 federal laws or regulations provide otherwise, a federal savings
1-24 bank and the members of a federal savings bank have all of the
1-25 rights, powers, privileges, benefits, immunities, and exemptions
1-26 that are provided by this Act and other laws of this state relating
1-27 to a savings bank or its members. This provision is in addition to
1-28 and supplemental to any provision of this Act which by specific
1-29 reference is applicable to a federal savings bank and its members.
1-30 (b) A federal savings bank that has been merged,
1-31 consolidated, or converted into a domestic or foreign savings bank
1-32 or association is entitled to retain any duly authorized offices
1-33 under the terms provided for a foreign savings bank under Section
1-34 11.07 of this Act.
1-35 SECTION 3. Section 1.03(9), Texas Savings and Loan Act
1-36 (Article 852a, Vernon's Texas Civil Statutes), is amended to read
1-37 as follows:
1-38 (9) "Federal association" means a savings and loan
1-39 association incorporated under the Home Owner's Loan Act of 1933[,
1-40 whose principal business office is located in this state].
1-41 SECTION 4. Chapter 10, Texas Savings and Loan Act (Article
1-42 852a, Vernon's Texas Civil Statutes), is amended by adding Section
1-43 10.05 to read as follows:
1-44 Sec. 10.05. FEDERAL ASSOCIATIONS. A federal association
1-45 that has been merged, consolidated, or converted into a domestic or
1-46 foreign savings bank or association is entitled to retain any duly
1-47 authorized offices under the terms provided for a foreign savings
1-48 bank under Section 11.07, Texas Savings Bank Act (Article 489e,
1-49 Vernon's Texas Civil Statutes).
1-50 SECTION 5. The importance of this legislation and the
1-51 crowded condition of the calendars in both houses create an
1-52 emergency and an imperative public necessity that the
1-53 constitutional rule requiring bills to be read on three several
1-54 days in each house be suspended, and this rule is hereby suspended,
1-55 and that this Act take effect and be in force from and after its
1-56 passage, and it is so enacted.
1-57 * * * * *