Tex. Finance Code § 92.501
This is the official text of Tex. Finance Code § 92.501, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 92.501. RESOLUTION TO LIQUIDATE AND DISSOLVE.
Official statutory text
(a) A savings bank may liquidate and dissolve if:
(1) at an annual meeting or a special meeting called for the purpose, the members or shareholders by majority vote adopt a resolution to liquidate and dissolve; and
(2) a copy of the resolution certified by the president and secretary of the savings bank and an itemized statement of the savings bank's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.
(b) After the commissioner approves the resolution:
(1) the savings bank may not accept additional deposit accounts or additions to deposit accounts or make additional loans; and
(2) the savings bank's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities.
(1) at an annual meeting or a special meeting called for the purpose, the members or shareholders by majority vote adopt a resolution to liquidate and dissolve; and
(2) a copy of the resolution certified by the president and secretary of the savings bank and an itemized statement of the savings bank's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.
(b) After the commissioner approves the resolution:
(1) the savings bank may not accept additional deposit accounts or additions to deposit accounts or make additional loans; and
(2) the savings bank's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities.
Status: in_force · Read it on the official government site
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