An association's board, by resolution and with the commissioner's consent, may close the association and tender to the commissioner for disposition as provided by this subchapter the assets and all the affairs of the association.
Tex. Fin. Code § 66.251
CLOSING OF ASSOCIATION BY BOARD RESOLUTION
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.