1. (a) Five or more adult residents of this state may apply to organize a savings bank as a limited savings bank by submitting to the commissioner:

   1. (1) an application to organize a limited savings bank that is:

      1. (A) in a form specified by the commissioner; and
      2. (B) signed by each organizer; and
   2. (2) the filing fee.

2. (b) An application must contain:

   1. (1) two copies of the limited savings bank's certificate of formation containing:

      1. (A) the name of the savings bank;
      2. (B) the location of the principal office;
      3. (C) the names and addresses of the initial managers; and

      4. (D) to the extent not inconsistent with this subtitle, the proper business of a savings bank, or a rule adopted by the finance commission related to savings banks, other provisions included in:

         1. (i) the articles of organization of a limited liability company organized under the Texas Limited Liability Company Act (Article 1528n, Vernon's Texas Civil Statutes) if the limited savings bank was organized before January 1, 2006; or

         2. (ii) the certificate of formation of a limited liability company organized under Chapter 101, Business Organizations Code, if:

            1. (a) the limited savings bank was organized on or after January 1, 2006; or
            2. (b) the organizers elect to include those provisions, if the limited savings bank was organized before January 1, 2006;
   2. (2) two copies of the savings bank's company agreement;
   3. (3) data sufficiently detailed and comprehensive in nature to enable the commissioner to make findings under Section 92.058, including statements, exhibits, and maps;
   4. (4) financial information about each applicant, organizer, manager, officer, or member that the finance commission requires by rule; and
   5. (5) other information relating to the savings bank and its operation that the finance commission requires by rule.
3. (c) Financial information described by Subsection (b) is confidential and not subject to public disclosure unless the commissioner finds that disclosure is necessary and in the public interest.
4. (d) The statement of fact must be signed and sworn to.
5. (e) Subchapter B applies to the organization of a limited savings bank except to the extent inconsistent with this section.

Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.