Corporate Existence of Subsidiaries. Each of the Company’s subsidiaries that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X (each, a “Significant Subsidiary” and, collectively, the “Significant Subsidiaries”) has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation or organization, has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. The Bank is a state savings bank chartered under the laws of the State of Texas and its charter is in full force and effect. With respect to each Significant Subsidiary of the Company, except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, all of the issued and outstanding shares of capital stock of such Significant Subsidiary have been duly authorized and validly issued, are fully paid and non-assessable and, except for the trust preferred securities, are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, and none of the outstanding shares of capital stock of any Significant Subsidiary were issued in violation of any preemptive or similar rights of any security holder of such Significant Subsidiary.
Corporate Existence of Subsidiaries. Each of the Company’s subsidiaries has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation or organization, has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, all of the issued and outstanding shares of capital stock of each subsidiary have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, and none of the outstanding shares of capital stock of any subsidiary were issued in violation of any preemptive or similar rights of any security holder of such subsidiary arising by operation of law, or under the articles of incorporation, bylaws or other organizational documents of the Company or such any subsidiary or under an agreement to which the Company or any subsidiary is a party.
Corporate Existence of Subsidiaries. Each of the Subsidiaries (as defined in Section 3.1.4) is a corporation duly organized, validly existing, and in good standing under the laws of its state of incorporation. Each Subsidiary has all requisite corporate power, franchises, licenses, permits and authority to own its properties and assets and to carry on its business as it has been and is being conducted. Each Subsidiary is in good standing in each state, nation, or other jurisdiction wherein the character of the business transacted by it makes such qualification necessary.
Corporate Existence of Subsidiaries. Each of the Company’s subsidiaries has been duly incorporated and is validly existing as a corporation under the laws of its respective jurisdiction of incorporation, has no pending bankruptcy, composition or similar proceedings pending against it in its jurisdiction of incorporation, is not in liquidation or receivership and has full power and authority to own or lease and operate its properties and conduct its business as described in the Offering Circular, and has been duly qualified as a foreign corporation for the transaction of business under the laws of each other jurisdiction in which it owns or leases properties or conducts any business that requires such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; except where such fault would not have a Material Adverse Effect;
Corporate Existence of Subsidiaries. The respective Subsidiary has been duly incorporated and organized, and is validly existing and in good standing as a company under the Business Corporations Act (British Columbia). No proceedings have been taken or authorized by the respective Subsidiary in respect of the bankruptcy, insolvency, liquidation, dissolution or winding up of that Subsidiary.
Corporate Existence of Subsidiaries. Each Subsidiary of Target is a corporation duly incorporated and organized and validly existing under applicable Laws conferring corporate existence on each of them. No proceedings have been taken or authorized by Target or any of its Subsidiaries, in respect of the bankruptcy, insolvency, liquidation, dissolution or winding up of any Subsidiary of Target.
