Texas Statutes
§ 62.501 — RESOLUTION TO LIQUIDATE AND DISSOLVE; APPROVAL BY COMMISSIONER.
Texas § 62.501
JurisdictionTexas
Code FIFinance Code
This text of Texas § 62.501 (RESOLUTION TO LIQUIDATE AND DISSOLVE; APPROVAL BY COMMISSIONER.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Tex. Finance Code Code Ann. § 62.501 (2026).
Text
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
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Legislative History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Nearby Sections
15
§ 62.001
APPLICATION TO INCORPORATE.§ 62.004
APPROVAL OF MANAGING OFFICER.§ 62.005
CORPORATE NAME.§ 62.008
PREFERENCE FOR LOCAL CONTROL.§ 62.011
CHANGE OF OFFICE OR NAME.§ 62.051
PURPOSE OF INCORPORATION.§ 62.052
INCORPORATION REQUIREMENTS.§ 62.101
ORGANIZATIONAL MEETING.Cite This Page — Counsel Stack
Bluebook (online)
Texas § 62.501, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/FI/62.501.