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.

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