Texas Finance Code

§ 273.210 — DISSOLUTION

FI § 273.210Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 273. SAVINGS AND LOAN SUPPLEMENTAL FUND ACT · Art. C. OPERATION OF CORPORATION

Statute text

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(a)The corporation may be dissolved on:

(1)approval of the commissioner;

(2)unanimous approval of the board; and

(3)approval of two-thirds of the member associations.

(b)The corporation may be dissolved if member associations are required to contribute to any fund similar to the corporation's primary account, other than a fund in which member associations pay premiums to the Federal Deposit Insurance Corporation for insurance of accounts.

(c)The commissioner and the board shall establish procedures for dissolution.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.