Texas Finance Code - Section 36.101. Initiating Voluntary Dissolution
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.101. Initiating Voluntary Dissolution
§ 36.101. INITIATING VOLUNTARY DISSOLUTION. (a) A state
bank may initiate voluntary dissolution and surrender its charter
as provided by this subchapter:
(1) with the approval of the banking commissioner;
(2) after complying with the provisions of the Texas
Business Corporation Act regarding board and shareholder approval
for voluntary dissolution; and
(3) by filing the documents as provided by Section
36.102.
(b) The shareholders or participants of a state bank
initiating voluntary dissolution by resolution shall appoint one or
more persons to act as the liquidating agent or committee. The
liquidating agent or committee shall conduct the liquidation as
provided by law and under the supervision of the bank's board. The
board, in consultation with the banking commissioner, shall require
the liquidating agent or committee to give a suitable bond.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 35.212 35.213 36.001 36.002 36.003 36.004 36.005 36.101 36.102 36.103 36.104 36.105 36.106 36.107 36.108
Last modified: August 10, 2007
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