(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 of liquidation shall be applied to the discharge of its liabilities.