Without the prior written consent of the banking commissioner, a trust company may not consummate a merger, conversion, sale of assets, purchase of assets, or share exchange. Except as otherwise provided by Texas Civil Statutes, Article 342a, Chapter 3, Subchapters D, E, and F, or this subchapter, an application must be filed with the banking commissioner for review and consideration of the proposed transaction.

Source Note:The provisions of this §21.62 adopted to be effective December 31, 1998, 23 TexReg 13033.