An irrevocable letter of credit established in accordance with §97.41 of this title (relating to Requirements of Irrevocable Letter of Credit) shall be maintained until the earlier of:
  (1) approval of the secretary of state to cancel the irrevocable letter of credit; or
  (2) two years after the registrant formally terminates registration.

Source Note: The provisions of this §97.42 adopted to be effective September 7, 1988, 13 TexReg 4233; amended to be effective September 3, 2009, 34 TexReg 5895