Tex. Fin. Code § 62.501 · Subchapter K. VOLUNTARY LIQUIDATION
RESOLUTION TO LIQUIDATE AND DISSOLVE; APPROVAL BY COMMISSIONER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association may liquidate and dissolve if:
(1) at an annual meeting or a special meeting called for that purpose, the members and shareholders by majority vote adopt a resolution to liquidate and dissolve; and
(2) a copy of the resolution certified to by the president and the secretary of the association and an itemized statement of the association's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.
(b) On the approval by the commissioner of the resolution:
(1) the association may not accept additional savings accounts or additions to savings accounts or make additional loans; and
(2) the association's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.62.htm
- Text hash
- sha256 dffbb5b58af29d29d03437321ad3f629a9a8b32d47ee9082ca703b2d5229f3de
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.