1. (a) The secretary of state shall approve the articles of merger if the secretary of state determines that:

   1. (1) the articles of merger comply with applicable law; and
   2. (2) all fees and franchise taxes due from each corporation have been paid.

2. (b) The commissioner shall approve the articles of merger if the commissioner determines that:

   1. (1) the articles of merger comply with applicable law; and
   2. (2) the merger is in the best interest of the savings bank.

3. (c) On approval of the articles of merger, each approving officer shall:

   1. (1) endorse on the original and a copy of the articles of merger the word "filed" and the date of the approval;
   2. (2) file the original and a copy of the articles of merger in the records of the officer's office; and
   3. (3) issue and deliver to the savings bank a certificate of merger with an attached copy of the articles of merger.

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