Texas Finance Code 273.210 – Dissolution
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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.
Terms Used In Texas Finance Code 273.210
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) The commissioner and the board shall establish procedures for dissolution.