If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the savings bank before the savings bank is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the savings bank only if the promise or agreement or memorandum:
(1) is in writing and states the material terms of the loan and the loan's repayment;
(2) is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made; and
(3) is approved by the savings bank's board of directors.
Official text of the Texas Finance Code as published by the Texas Legislative Council.