It having been declared and found by the legislature of the
State of Texas that this state shall exercise regulatory authority
over the savings and loan industry authorized to do business under
the laws of the State of Texas, and as it is hereby further declared
and found by the Savings and Mortgage Lending Section of the Finance
Commission of Texas and the savings and mortgage lending commissioner
that the public interest and the interests of account holders are
or may be adversely affected when control of an association is sought
by persons who would utilize such control adversely to the interests
of account holders, it is hereby declared that the policies and purposes
of this regulation are to promote the public interest by requiring
disclosure of pertinent information relating to approval of changes
in control of a savings and loan association. Notwithstanding any
other provision of this chapter, the Federal Deposit Insurance Corporation
shall not be deemed subject to this chapter.