SUBCHAPTER B.  MUTUAL HOLDING COMPANIES

Sec. 97.051.  REORGANIZATION TO BECOME MUTUAL HOLDING COMPANY.  (a)  Notwithstanding any other law, a savings bank may be reorganized as a mutual holding company by submitting to the commissioner an application for approval of reorganization.
(b)  Before submission, an application for reorganization must be approved by a majority vote of the members or shareholders of the savings bank cast at an annual meeting or a special meeting called to consider the reorganization.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.