Texas § FI.91.003 - CONTROL

§ FI.91.003. CONTROL

CONTROL; SUBSIDIARY. (a) For purposes of this subtitle, a person controls a savings bank if the person has the power to direct or cause the direction of the management and policies of the savings bank directly or indirectly. A person is considered to control a savings bank if the person, individually or acting with others, directly or indirectly holds with the power to vote, owns, or controls, or holds proxies representing, at least 25 percent of the voting stock or voting rights of a savings bank. (b) For purposes of this subtitle, a company is a subsidiary of a savings bank if the savings bank or another company directly or indirectly controlled by the savings bank controls the company. A savings bank is considered to control a company if the savings bank, directly or indirectly or acting with one or more other persons or through one or more subsidiaries: (1) holds with the power to vote, owns, or controls, or holds proxies representing, more than 25 percent of the voting stock or voting rights of the company; (2) controls in any manner the election of a majority of the directors of the company; (3) is a general partner in the company; or (4) has contributed more than 25 percent of the equity capital of the company. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.