Sec. 62.305.  EFFECT OF APPROVAL OF APPLICATION AND ISSUANCE OF CHARTER.  On the commissioner's approval of the application for conversion and the appropriate financial institution regulatory agency's issuance of a charter, the bank or savings bank:
(1)  ceases to be an association incorporated under this subtitle;  and
(2)  is no longer subject to the supervision and control of the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.