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Texas Finance Code - FIN § 36.101. Initiating Voluntary Dissolution

Current as of January 01, 2024 | Updated by Findlaw Staff

(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 Business Organizations Code regarding board and shareholder approval for voluntary dissolution; and

(3) by filing the documents as provided by Section 36.102.

(b) The shareholders 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.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 36.101. Initiating Voluntary Dissolution - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-36-101/

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