{"data":{"id":"us-tx/tex.-finance-code-62.007","jurisdiction":"us-tx","citation":"Tex. Finance Code § 62.007","heading":"DECISION ON APPLICATION TO INCORPORATE; ISSUANCE OF CERTIFICATE OF INCORPORATION.","body":"(a) The commissioner may approve an application to incorporate only if the commissioner finds that:\n(1) the prerequisites to incorporation required by this chapter are satisfied;\n(2) the character, responsibility, and general fitness of each person named in the articles of incorporation command confidence and warrant belief that:\n(A) the business of the association will be honestly and efficiently conducted in accordance with the intent and purpose of this subtitle; and\n(B) the association will have qualified full-time management;\n(3) there is a public need for the association;\n(4) the volume of business in the community in which the association will conduct its business indicates a profitable operation is probable; and\n(5) the operation of the association will not unduly harm an existing association.\n(b) On finding that the requirements of Subsection (a) are fulfilled, the commissioner shall:\n(1) enter an order approving the application and stating the findings required by Subsection (a);\n(2) issue under official seal a certificate of incorporation;\n(3) deliver a copy of the approved articles of incorporation and bylaws to the incorporators; and\n(4) permanently retain a copy of the articles and bylaws.\n(c) On delivery of the certificate of incorporation to the incorporators, the association:\n(1) is a corporate body with perpetual existence unless terminated by law; and\n(2) may exercise the powers of an association beginning on the date the commissioner certifies receipt of satisfactory proof that the association has received in cash and free of encumbrance:\n(A) the required amount of the capital stock and paid-in surplus if the association is a capital stock association; or\n(B) the required amount of the savings liability and expense fund if the association is a mutual association.\n(d) On denial of an application, the commissioner shall enter an order denying the application and include a written statement specifying the grounds for the denial. The commissioner shall deliver by certified mail a copy of the order to the designated representative of the incorporators.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS","CHAPTER 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS","SUBCHAPTER A. INCORPORATION IN GENERAL"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.62.htm#62.007","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"e65caad4816760c4975743c7fd664ba185634a8f74a39aedccec9c97bb925104","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-62.006","next":"us-tx/tex.-finance-code-62.008"},"notice":"GroundRules: Original legal text. Not legal advice."}