- (a) A savings bank shall begin business not later than the first anniversary of the date the commissioner approves the savings bank's application.
- (b) On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).
- (c) The commissioner may rescind the authority to operate of a savings bank that does not begin business as required by this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.