One or more corporations organized under a law of this state may merge into an association that owns all of the corporations' capital stock if:

1. (1) the board of directors of the association and each corporation by a majority vote adopt the plan of merger; and
2. (2) the secretary of state and the commissioner approve the merger.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.