SUBCHAPTER K. VOLUNTARY LIQUIDATION

Sec. 62.501.  RESOLUTION TO LIQUIDATE AND DISSOLVE;  APPROVAL BY COMMISSIONER.  (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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.