Texas Finance Code
§ 186.101 — INITIATING VOLUNTARY DISSOLUTION
FI § 186.101Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. B. VOLUNTARY DISSOLUTION
Statute text
View on source(a)A state trust company may initiate voluntary dissolution and surrender its charter as provided by this subchapter:
(1)with the approval of the banking commissioner;
(2)after complying with the provisions of the Business Organizations Code regarding board and shareholder approval for voluntary dissolution; and
(3)by filing the notice of dissolution as provided by Section 186.102.
(b)The shareholders or participants of a state trust company initiating voluntary dissolution by resolution shall appoint one or more persons to act as liquidating agent or committee. The liquidating agent or committee shall conduct the liquidation as provided by law and under the supervision of the board. The board, in consultation with the banking commissioner, shall require the liquidating agent or committee to give a suitable bond. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by:
Legislative history
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 76, eff. September 1, 2007.