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

1. (1) the board of the savings bank and each corporation by majority vote adopt a 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.