Sec. 370.332.  INVOLUNTARY DISSOLUTION.  (a)  The commission by order may require an authority to dissolve if the commission determines that the authority has not substantially complied with the requirements of a commission rule or an agreement between the department and the authority.
(b)  The commission may not require dissolution unless:
(1)  the conditions described in Sections 370.331(c)(1) and (2) have been met;  and
(2)  the holders of any indebtedness have evidenced their agreement to the dissolution.
Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.