Texas Finance Code

§ 273.211 — EFFECT OF DISSOLUTION

FI § 273.211Title 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)On dissolution, money in the primary account shall be used to redeem all securities issued by the corporation and held by a member association. If money in the primary account is insufficient to redeem the securities, the administrative account may be used.

(b)On dissolution, the earnings of the corporation accrue to this state and may not be distributed to any other person.

Legislative history

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