1. (a) When Articles of Incorporation of a new association are presented to the savings and loan commissioner for his approval, such Articles shall be accompanied by an application which conforms to the statutory requirements provided in the Texas Savings and Loan Act, §62.001, and states the proposed location of the principal office of the new association and the identity and qualifications of the proposed managing officer. There shall also be submitted with the application a facsimile of each proposed loan instrument and such additional information as may be required by the proposed bylaws of the association together with such statements, exhibits, maps, plans, photographs, and other data, sufficiently detailed and comprehensive to enable the commissioner to pass upon matters set forth in the Texas Savings and Loan Act, §62.007. Such information must show that the proposed association will have and maintain independent quarters with a ground floor location or its equivalent. The Articles of Incorporation and all statements of fact tendered to the commissioner shall be verified as required by the Texas Savings and Loan Act, §62.001.
2. (b) No application to incorporate a new association shall be approved unless the application and evidence produced at hearing satisfy the commissioner that the proposed association has received subscriptions for capital stock and paid-in surplus in the case of a capital stock association, or pledges for savings liability and expense fund in the case of a mutual association, in the minimum amount of $3 million, with at least 80% of the total subscriptions being allocated to the capital stock account or the savings liability account, as applicable.
3. (c) No association with an approved charter shall open or do business as a savings and loan association until the commissioner certifies that he has received proof satisfactory to him that the above-required dollar amounts of capital stock and paid-in surplus, or the savings liability and expense fund, as applicable, have been received by the association in cash, free of encumbrance.
4. (d) No application to incorporate as association for an acquisition or merger under the Texas Savings and Loan Act, §62.051, shall be approved unless the application and evidence produced at hearing satisfy the commissioner that the proposed association will be capitalized in an amount sufficient to accomplish the purposes for which incorporation is requested, which shall be an amount sufficient to insure that, after the proposed acquisition or merger, the resulting association will meet and continue to meet applicable minimum net worth requirements.

Source Note:The provisions of this §51.1 adopted to be effective January 1, 1976; amended to be effective September 20, 1985, 10 TexReg 3428; amended to be effective May 6, 1986, 11 TexReg 1872.